Thai Stock Market Tipped To Extend Losing Streak

(RTTNews) - The Thai stock market has tracked lower in consecutive trading days, slumping more than 20 points or 1.2 percent along the way. The Stock Exchange of Thailand now sits just shy of the 1.540-point plateau and it's expected to open in the red again on Wednesday.

The global forecast for the Asian markets is cautious on concerns for the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The SET finished sharply lower on Tuesday following losses from the technology, food and financial sectors, while the industrials offered support.

For the day, the index dropped 19.33 points or 1.24 percent to finish at 1,537.59 after trading between 1,532.96 and 1,550.46. Volume was 15.245 billion shares worth 45.983 billion baht. There were 290 decliners and 183 gainers, with 177 stocks finishing unchanged.

Among the actives, Advanced Info increased 1.39 percent, while Thailand Airport climbed 1.05 percent, Asset World surged 3.06 percent, Banpu advanced 1.11 percent, Bangkok Bank collected 0.31 percent, Bangkok Dusit Medical added 0.88 percent, Bangkok Expressway jumped 1.81 percent, B. Grimm rose 0.69 percent, BTS Group gained 0.66 percent, Charoen Pokphand Foods dropped 0.95 percent, Delta Electronics crashed 18.30 percent, Energy Absolute jumped 0.82 percent, Kasikornbank fell 0.38 percent, Krung Thai Bank climbed 1.04 percent, Krung Thai Card strengthened 1.52 percent, PTT Oil & Retail rallied 1.43 percent, PTT perked 0.79 percent, PTT Exploration and Production was up 0.33 percent, PTT Global Chemical gained 0.65 percent, SCG Packaging climbed 1.28 percent, Siam Commercial Bank added 0.47 percent, Siam Concrete improved 0.61 percent, Starflex skyrocketed 7.94 percent, Thai Oil slumped 1.10 percent, True Corporation gathered 0.75 percent, TTB Bank tumbled 1.85 percent and Gulf and CP All Public were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and stayed in the red throughout the session.

The Dow tumbled 245.25 points or 0.72 percent to finish at 34,053.87, while the NASDAQ dipped 22.28 points or 0.16 percent to end at 13,667.29 and the S&P 500 fell 20.88 points or 0.47 percent to close at 4,388.71.

The early weakness on Wall Street came as traders continued to cash in on recent strength in the markets, which lifted the NASADAQ and the S&P 500 to their best levels in over a year last week.

Selling pressure waned over the course of the session, however, as traders look ahead to congressional testimony by Federal Reserve Chair Jerome Powell later today regarding the outlook for interest rates.

On the U.S. economic front, the Commerce Department said new residential construction in the U.S. unexpectedly skyrocketed in May, while building permits also jumped more than expected.

Crude oil prices fell on Tuesday amid concerns that further tightening by the Federal Reserve and other central banks may impact global economic growth and weighed on oil prices. West Texas Intermediate Crude oil futures for August ended down $0.74 at $71.19 a barrel.