Thai Stock Market May Extend Losing Streak - RTTNews - Financial Daily News Site

Thai Stock Market May Extend Losing Streak – RTTNews

Ahead of Friday’s holiday for Queen Suthida’s birthday, the Thai stock market had moved lower in back-to-back sessions, sinking more than 15 points or 1 percent along the way. The Stock Exchange of Thailand now sits just above the 1,645-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets is soft on pessimism over the outlook for interest rates following a stronger than expected jobs report from the United States. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

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

For the day, the index slipped 12.34 points or 0.74 percent to finish at 1,647.67 after trading between 1,645.89 and 1,658.05. Volume was 17.433 billion shares worth 57.875 billion baht. There were 1,240 decliners and 464 gainers, with 521 stocks finishing unchanged.

Among the actives, Advanced Info declined 1.36 percent, while Banpu strengthened 1.61 percent, Bangkok Bank slumped 0.77 percent, Bangkok Dusit Medical tumbled 1.90 percent, B. Grimm improved 1.43 percent, CP All Public retreated 1.52 percent, Charoen Pokphand Foods sank 0.95 percent, Energy Absolute weakened 0.56 percent, Gulf tanked 2.05 percent, IRPC added 0.58 percent, Kasikornbank fell 0.34 percent, Krung Thai Bank slid 0.66 percent, PTT Oil & Retail advanced 0.91 percent, PTT lost 0.65 percent, PTT Exploration and Production shed 0.60 percent, Siam Commercial Bank dropped 0.90 percent, TTB Bank surrendered 1.59 percent and PTT Global Chemical and Krung Thai Card were unchanged.

The lead from Wall Street is broadly negative as the major averages opened deep in the red on Friday and remained that way throughout the session.

The Dow tumbled 348.60 points or 1.05 percent to finish at 32,899.70, while the NASDAQ plunged 304.17 points or 2.47 percent to close at 12,012.73 and the S&P 500 sank 68.28 points or 1.63 percent to end at 4,108.54.

For the week, the Dow slid 0.9 percent, the NASDAQ lost 1 percent and the S&P fell 1.2 percent.

The weakness that emerged on Wall Street came as traders cashed in after a stronger than expected jobs report offset the faint hopes that the Federal Reserve might slow its planned pace of interest rate hikes.

In other economic news, the Institute for Supply Management said growth in U.S. service sector activity slowed slightly more than expected in May.

Crude oil prices climbed higher Friday on expectations of increased demand even as OPEC decided to increase output. Stronger than expected U.S. non-farm payroll employment in May also offered support. West Texas Intermediate Crude oil futures for July ended higher by $2.00 or 1.7 percent at $118.87 a barrel.

Closer to home, Thailand will release May numbers for consumer prices later today; in April, overall inflation was up 0.34 percent on month and 4.65 percent on year, while core CPI rose an annual 2.00 percent.

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