Thai Stock Market May Extend Wednesday's Losses

(RTTNews) - The Thai stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it collected more than a dozen points or 0.8 percent. The Stock Exchange of Thailand now rests just beneath the 1,640-point plateau and the losses may accelerate on Thursday.

The global forecast for the Asian markets is broadly negative on inflation and interest rate concerns. The European and U.S. markets were down on Wednesday and now the Asian markets are expected to open in similar fashion.

The SET finished barely lower on Wednesday following mixed performances from the financial shares and energy producers.

For the day, the index eased 0.52 points or 0.03 percent to finish at 1,638.93 after trading between 1,630.01 and 1,644.09. Volume was 26.626 billion shares worth 99.716 billion baht. There were 1,037 decliners and 699 gainers, with 483 stocks finishing unchanged.

Among the actives, Advanced Info sank 0.78 percent, while Thailand Airport rose 0.34 percent, Banpu tanked 2.68 percent, Bangkok Bank shed 0.72 percent, Bangkok Dusit Medical soared 3.54 percent, Bangkok Expressway added 0.57 percent, B. Grimm surged 4.23 percent, CP All Public increased 0.41 percent, Energy Absolute rallied 3.65 percent, Gulf strengthened 1.49 percent, IRPC skidded 1.16 percent, Kasikornbank retreated 1.29 percent, Krung Thai Bank climbed 1.20 percent, Krung Thai Card jumped 1.69 percent, PTT Oil & Retail accelerated 1.87 percent, PTT slumped 1.32 percent, PTT Exploration and Production tumbled 2.03 percent, SCG Packaging improved 1.34 percent, Siam Commercial Bank fell 0.45 percent, Siam Concrete dipped 0.28 percent, Thai Oil plunged 3.57 percent, True Corporation stumbled 1.30 percent and TTB Bank, Asset World, BTS Group, Charoen Pokphand Foods and PTT Global Chemical were unchanged.

The lead from Wall Street is soft as the major averages shook off a positive open on Wednesday, hugging the line for much of the day before a late slide pushed them firmly into the red for the fourth straight session.

The Dow tumbled 280.44 points or 0.88 percent to finish at 31,510.43, while the NASDAQ slumped 66.93 points or 0.56 percent to close at 11,816.20 and the S&P 500 sank 31.16 points or 0.78 percent to end at 3,955.00.

The continued weakness on Wall Street reflected lingering concerns about higher interest rates following some hawkish comments from Federal Reserve officials.

Exacerbating those concerns, Eurozone inflation hit a new record in August and added further pressure on the European Central Bank to tighten policy more aggressively as soon as next week.

In economic news, payroll processor ADP said that private sector employment in the U.S. increased by much less than expected in August.

Crude oil prices saw further downside on Wednesday, extending recent losses on concerns about the outlook for the global economy after the Eurozone's record high inflation report. West Texas Intermediate for October delivery tumbled $2.09 or 2.3 percent to $89.55 a barrel.