Thai Stock Market Tipped To Extend Losing Streak
(RTTNews.com) - The Thai stock market has finished lower in two straight sessions, sliding more than five points or 0.4 percent along the way. The Stock Exchange of Thailand remains just above the 1,595-point plateau and it's in line for continued consolidation on Monday.
The global forecast for the Asian markets is soft as there appears to be no end in sight for the U.S. government shutdown. The European markets were slightly higher and the U.S. bourses were sharply lower and the Asian markets are tipped to follow the latter lead.
The SET finished barely lower on Friday as losses from the cosmetics companies were tempered by support from the energy producers and a mixed bag from the financial sector.
For the day, the index eased 0.77 points or 0.05 percent to finish at 1,595.33 after trading between 1,586.35 and 1,601.58. Volume was 12.791 billion shares worth 46.997 billion baht. There were 762 decliners and 493 gainers, with 507 stocks finishing unchanged.
Among the actives, Advanced Info shed 0.29 percent, while Banpu climbed 1.23 percent, Bangkok Bank collected 0.49 percent, Beauty Community plummeted 7.28 percent, Bangkok Expressway surged 5.41 percent, Charoen Pokphand Foods shed 0.80 percent, PTT jumped 1.60 percent, PTT Global Chemical soared 2.78 percent, Siam Commercial Bank dropped 0.36 percent, Siam Concrete jumped 1.39 percent and PTT Exploration and Production, Kasikornbank, Krung Thai Bank, Thailand Airport and Bangkok Medical all were unchanged.
The lead from Wall Street is broadly negative as stocks moved sharply lower on Friday ahead of a government shutdown that now seems likely to last at least through Christmas.
The Dow shed 414.23 points or 1.81 percent to 22,445.37, while the NASDAQ plummeted 195.41 points or 2.99 percent to 6,332.99 and the S&P 500 fell 50.80 points or 2.06 percent to 2,416.62. For the week, the NASDAQ nosedived 8.4 percent, the S&P lost 7.1 percent and the Dow fell 6.9 percent.
The extended sell-off on Wall Street came as traders kept an eye on developments on Capitol Hill, with lawmakers at an impasse over funding for President Donald Trump's controversial wall on the border with Mexico.
Traders largely shrugged off mixed economic data on durable goods orders, third quarter GDP, personal income and spending and consumer sentiment.
Crude oil futures ended lower on Friday, extending losses from previous session amid concerns over excess supply in the market. Crude oil futures for February ended down $0.29 or 0.6 percent at $45.59 a barrel, the lowest settlement since July 2017.
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