Thai Stock Market Tipped To Extend Losing Streak

(RTTNews) - The Thai stock market has moved lower in four consecutive trading days, falling more than 40 points or 2.4 percent along the way. The Stock Exchange of Thailand now rests just above the 1,720-point plateau and it draws another weak lead on Monday.

The global forecast for the Asian markets is negative on growing concerns about the outlook for interest rates. The European and U.S. markets were firmly lower and the already oversold Asian bourses are tipped to at least open in the red.

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

For the day, the index sank 8.88 points or 0.51 percent to finish at 1,720.52 after trading between 1,718.12 and 1,732.36. Volume was 11.973 billion shares worth 46.825 billion baht. There were 910 decliners and 441 gainers, with 492 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.25 percent, while Thailand Airport lost 0.79 percent, Banpu jumped 1.61 percent, Bangkok Bank advanced 0.96 percent, Beauty Community skidded 0.95 percent, Bangkok Expressway fell 0.59 percent, Charoen Pokphand Foods dipped 0.41 percent, Kasikornbank dropped 1.40 percent, Krung Thai Bank retreated 1.51 percent, PTT declined 0.94 percent, PTT Exploration and Production plunged 2.27 percent, PTT Global Chemical and Siam Concrete both gave away 0.92 percent, TMB Bank collected 1.72 percent, Siam Commercial Bank was down 0.69 percent and Bangkok Medical was unchanged.

The lead from Wall Street is soft as stocks opened sharply lower on Friday and remained in the red throughout the session, extending recent losses.

The Dow slid 180.43 points or 0.68 percent to 26,447.05, the NASDAQ tumbled 91.06 points or 1.16 percent to 7,788.45 and the S&P fell 16.04 points or 0.55 percent to 2,885.57. For the week, the eased 0.1 percent, the S&P lost 1 percent and the NASDAQ plunged 3.2 percent.

The weakness on Wall Street came as treasury yields extended a recent upward move following the release of the monthly jobs report, adding to concerns about the outlook for interest rates.

While the Labor Department report showed weaker than expected job growth in September, the jump in employment in August was upwardly revised and the unemployment rate fell to 3.7 percent for its lowest level since 1969.

Also, the Commerce Department showed the U.S. trade deficit widened in August, reflecting an increase in imports and a decrease in exports.

Crude oil prices retreated after edging higher early on in the session on Friday, as traders weighed the decision of Russia and Saudi Arabia to increase output. Crude oil futures for November ended at $74.34 a barrel, gaining a penny.
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Январь 2021    »