Losing Streak May Continue For Thai Stock Market

(RTTNews) - The Thai stock market has moved lower in three straight sessions, sinking more than 25 points or 1.7 percent along the way. The Stock Exchange of Thailand now rests just above the 1,560-point plateau and it's likely to extend its losses on Wednesday.

The global forecast for the Asian markets is mixed to lower, with a dose of volatility as bargain hunting may give the oversold bourses a lift - but the gains may evaporate as the day progresses. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The SET finished modestly lower on Tuesday following mixed performances from the financial shares and energy companies.

For the day, the index shed 7.89 points or 0.50 percent to finish at 1,562.68 after trading between 1,559.22 and 1,569.13. Volume was 15.980 billion shares worth 51.877 billion baht. There were 1,201 decliners and 433 gainers, with 543 stocks finishing unchanged.

Among the actives, Advanced Info rose 0.27 percent, while Thailand Airport retreated 1.38 percent, Asset World jumped 1.77 percent, Bangkok Bank sank 0.73 percent, B. Grimm dropped 0.81 percent, CP All Public declined 1.35 percent, Charoen Pokphand Foods strengthened 1.63 percent, Gulf skidded 1.02 percent, IRPC stumbled 1.30 percent, Kasikornbank climbed 1.06 percent, Krung Thai Bank shed 0.60 percent, Krung Thai Card added 0.45 percent, PTT Exploration and Production dipped 0.29 percent, PTT Global Chemical gained 0.62 percent, SCG Packaging improved 1.46 percent, Siam Commercial Bank dropped 0.96 percent, Siam Concrete slid 0.32 percent, Thai Oil slumped 1.42 percent, True Corporation advanced 0.99 percent, TTB Bank lost 0.83 percent and Banpu, Bangkok Dusit Medical, Bangkok Expressway, BTS Group, Energy Absolute, PTT Oil & Retail and PTT were unchanged.

The lead from Wall Street ends up weak as the major averages saw considerable volatility on Tuesday, opening lower before rallying and then handing back the gains to finish mixed.

The Dow rose 36.31 points or 0.12 percent to finish at 29,239.19, while the NASDAQ tumbled 115.91 points or 1.10 percent to end at 10,426.19 and the S&P 500 sank 23.55 points or 0.65 percent to close at 3,588.84.

The early weakness on Wall Street was due to concerns about rising interest rates and the impact of high borrowing costs on corporate earnings and economic growth. A downward revision in the global economic growth forecast by the International Monetary Fund also weighed.

The markets rebounded when treasury yields ticked lower, but stocks faltered past mid-afternoon after the Bank of England said that its market intervention will be over soon.

Oil futures fell on Tuesday, extending losses from the previous session on concerns about outlook for energy demand amid the rising possibility of a global recession. A surge in COVID-19 cases in China and fears of further monetary policy tightening also weighed. West Texas Intermediate Crude oil futures for November sank $1.78 or 2 percent at $89.35 a barrel.

Closer to home, Thailand will see September results for its consumer confidence index later today; in August, the index score was 43.7.