Continued Consolidation Called For Thai Stock Market

(RTTNews) – Thailand’s stock market has finished lower in consecutive sessions, dropping more than 40 points or 2.6% along the way. Thailand’s stock market is now just above the 1,560 plateau and is expected to reopen under pressure on Friday.

Global forecasts for Asian markets suggest further consolidation amid global recession fears. European and American markets ended with heavy losses and the Asian stock market should also open in the red.

The SET ended sharply lower on Thursday with damage across the board, especially among financials and energy producers.

For the day, the index fell 32.44 points or 2.04% to end at 1,561.10 after trading between 1,560.94 and 1,607.19. The volume was 25.519 billion shares worth 97.738 billion baht. There were 1,685 declines and 316 gains, with 228 stocks ending unchanged.

Among the assets, Advanced Info fell 3.16%, while Thailand Airport and Bangkok Bank both lost 1.10%, Banpu fell 3.01%, Bangkok Dusit Medical fell 2.05% , Bangkok Expressway fell 3.35%, B. Grimm fell 1.49%, BTS Group fell 1.80%. percent, CP All Public fell 2.85 percent, Charoen Pokphand Foods weakened 1.89 percent, Energy Absolute lost 2.67 percent, Gulf and PTT Global Chemical both slipped 2 .16 percent, IRPC fell 2.94 percent, Kasikornbank lost 1.33 percent, Krung Thai Bank and PTT Oil & Retail fell 1.90 percent, Krung Thai Card fell 2, 15%, PTT plunged 3.47%, PTT Exploration and Production fell 1.78%, Siam Commercial Bank fell 2.75% and TTB Bank fell 1.59%.

Wall Street’s advance is broadly negative as major averages opened sharply lower on Thursday and remained deep in the red throughout the day, ending near session lows.

The Dow Jones fell 741.46 points or 2.42% to end at 29,927.07, while the NASDAQ plunged 453.06 points or 4.08% to close at 10,646.10 and the S&P 500 fell 123.22 points or 3.25% to end at 3,666.77.

The sell-off on Wall Street reflected fears that aggressive monetary policy by central banks around the world could trigger a global recession.

Following the widely expected 75 basis point interest rate hike from the Federal Reserve on Wednesday, central banks in Switzerland, England and Taiwan, among others, also moved to hike rates.

In economic news, the Labor Department noted a slight decrease in first jobless claims in the United States last week. Additionally, the Commerce Department said new residential construction in the United States plunged more than expected in May.

Oil futures stabilized higher on Thursday after prices rebounded as tight supply levels outweighed worries about the outlook for energy demand. West Texas Intermediate crude oil futures for July ended up $2.27 or 2% at $117.58 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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