Markets

Thai Stock Market Predicted To Open Under Pressure

(RTTNews) - The Thai stock market has alternated between positive and negative finishes through the last seven trading days since the end of 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 1,360-point plateau although it's likely to head south again on Friday.

The global forecast for the Asian markets is negative on disappointing economic data and sliding oil prices. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The SET finished slightly higher on Thursday following gains from the energy producers and a mixed bag from the financial shares.

For the day, the index rose 2.61 points or 0.19 percent to finish at 1,359.65 after trading between 1,348.92 and 1,363.90. Volume was 17.583 billion shares worth 70.233 billion baht.

Among the actives, Advanced Info added 0.54 percent, while Thailand Airport shed 0.44 percent, Asset World gained 0.50 percent, Bangkok Bank spiked 2.44 percent, Bangkok Dusit Medical gained 0.46 percent, Bangkok Expressway increased 0.55 percent, BTS Group dropped 0.93 percent, Charoen Pokphand Foods tumbled 2.19 percent, Kasikornbank collected 0.58 percent, Krung Thai Bank advanced 0.98 percent, PTT perked 0.63 percent, PTT Exploration and Production jumped 1.86 percent, Siam Commercial Bank sank 0.34 percent, Siam Concrete rose 0.26 percent and TMB Bank and PTT Global Chemical were unchanged.

The lead from Wall Street is weak as stocks showed a lack of direction on Thursday before moving sharply lower as the day progressed.

The Dow tumbled 353.51 points or 1.31 percent to finish at 26,652.33, while the NASDAQ plunged 244.71 percent or 2.29 percent to end at 10,461.42 and the S&P sank 40.36 points or 1.23 percent to close at 3,235.66.

The weakness on Wall Street followed the release of some disappointing U.S. economic data, including a Labor Department report showing first-time claims for U.S. unemployment benefits increased for the first time in sixteen weeks.

A separate report from the Conference Board showed its reading on leading U.S. economic indicators increased by less than expected in the month of June.

Earlier in the day, the negative sentiment generated was partly offset by news that Senate Republicans and White House negotiators have reached a fundamental agreement on a $1 trillion coronavirus relief bill.

Crude oil futures settled lower Thursday, extending losses from the previous session amid rising concerns over excess supply in the market and the outlook for energy demand. West Texas Intermediate Crude oil futures settled at $41.07 a barrel, losing $0.83 or 2 percent.

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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