Markets

Thai Stock Market Predicted To Open Under Pressure

(RTTNews) - The Thai stock market moved lower again on Thursday, one day after ending the two-day slide in which it had fallen more than 20 points or 1.7 percent. The Stock Exchange of Thailand now rests just beneath the 1,350-point plateau and it may take further damage again on Friday.

The global forecast for the Asian markets is soft on economic growth concerns and coronavirus fears. The European and U.S. markets were down and the Asian markets are tipped to open in similar fashion.

The SET finished modestly lower on Thursday following losses from the financial shares and energy producers.

For the day, the index shed 6.45 points or 0.48 percent to finish at 1,347.86 after trading between 1,343.02 and 1,357.26. Volume was 13.318 billion shares worth 47.811 billion baht. There were 845 decliners and 477 gainers, with 410 stocks finishing unchanged.

Among the actives, Thailand Airport shed 0.45 percent, while Bangkok Bank lost 0.46 percent, Bangkok Dusit Medical skidded 1.35 percent, BTS Group dropped 0.91 percent, Charoen Pokphand Foods plunged 2.17 percent, Kasikornbank sank 0.82 percent, Krung Thai Bank collected 0.96 percent, PTT retreated 1.29 percent, PTT Exploration and Production declined 1.84 percent, PTT Global Chemical surrendered 1.05 percent, Siam Commercial Bank fell 0.34 percent, Siam Concrete dipped 0.26 percent, TMB Bank tanked 0.97 percent and Advanced Info, Asset World and Bangkok Expressway were unchanged.

The lead from Wall Street is negative as stocks opened in the red on Thursday and remained there throughout the session.

The Dow shed 135.39 points or 0.50 percent to finish at 26,734.71, while the NASDAQ lost 76.66 points or 0.73 percent to end at 10,473.83 and the S&P 500 fell 10.99 points or 0.34 percent to close at 3,215.57.

The weakness on Wall Street followed the release of a Labor Department report showing the decline in first-time claims for unemployment benefits nearly ground to a halt last week.

The negative sentiment was partly offset by a Commerce Department report showing another substantial increase in retail sales in June, although the data was seen as old news as some states rolled back their reopening plans due to a surge in coronavirus cases.

Crude oil futures settled lower on Thursday on worries about the outlook for near term energy demand after OPEC decided to start tapering production cuts beginning next month. West Texas Intermediate Crude oil futures for August were down $0.45 or 1.1 percent at $40.75 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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