Thai Stock Market May Extend Its Losses

(RTTNews) - Ahead of Monday's holiday for King Bhumibol Day, the Thai stock market had bounced higher again - one day after it had halted the two-day winning streak in which it had advanced more than 25 points or 1.5 percent. The Stock Exchange of Thailand now rests just beneath the 1,700-point plateau and it's likely to see continued selling pressure on Tuesday.

The global forecast for the Asian markets is soft on rising geopolitical concerns. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The SET finished modestly higher on Friday following gains from the financial shares and the energy producers.

For the day, the index advanced 13.27 points or 0.79 percent to finish at 1,696.16 after trading between 1,688.44 and 1,699.60. Volume was 10.378 billion shares worth 39.660 billion baht. There were 1,046 gainers and 390 decliners, with 380 stocks finishing unchanged.

Among the actives, Thailand Airport jumped 1.60 percent, while Banpu added 0.55 percent, Bangkok Bank collected 0.96 percent, Bangkok Medical gained 0.40 percent, Beauty Community climbed 1.00 percent, Bangkok Expressway perked 0.61 percent, Charoen Pokphand Foods advanced 0.84 percent, Krung Thai Bank spiked 2.56 percent, PTT gathered 0.98 percent, PTT Exploration and Production perked 1.38 percent, PTT Global Chemical was up 0.97 percent, Sim Commercial Bank rose 0.71 percent, Siam Concrete shed 0.47 percent and Kasikornbank and Advanced Info were unchanged.

The lead from Wall Street is negative as stocks fluctuated on Monday, bouncing back and forth across the unchanged line before ending in the red.

The Dow shed 89.44 points or 0.35 percent to end at 25,250.55, while the NASDAQ lost 66.15 points or 0.88 percent to finish at 7,430.74 and the S&P fell 16.34 points or 0.59 percent to 2,750.79.

The lower close on Wall Street came after the Commerce Department noted much weaker than expected U.S. retail sales growth in September. Also, the Federal Reserve Bank of New York said the pace of growth in New York manufacturing accelerated more than expected in October.

Oil futures were higher Monday on rising geopolitical tensions between the U.S. and Saudi Arabia following the disappearance of prominent journalist Jamal Khashoggi. Crude oil futures for November ended up $0.44 or 0.6 percent at $71.78 a barrel.
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