Oversold Thai Stock Market Called Lower Again On Monday

(RTTNews) - The Thai stock market has finished lower in seven straight sessions, slumping more than 75 points or 6.5 percent along the way. The Stock Exchange of Thailand now sits just shy of the 1,070-point plateau and it's likely to open to the downside again on Monday.

The global forecast for the Asian markets is negative thanks to U.S. involvement in the Israel/Iran conflict. The European and U.S. markets were mixed but the Asian markets figure to open under water.

The SET finished barely lower on Friday as losses from the food, consumer, resource and technology sectors were offset by gains among the financials, industrials and properties.

For the day, the index dipped 1.10 points or 0.10 percent to finish at 1,067.63 after trading between 1,066.02 and 1,082.90. Volume was 8.210 billion shares worth 49.577 billion baht. There were 240 decliners and 218 gainers, with 191 stocks finishing unchanged.

Among the actives, Thailand Airport jumped 1.80 percent, while Asset World shed 0.60 percent, Banpu weakened 0.94 percent, Bangkok Bank collected 0.37 percent, Bangkok Dusit Medical improved 1.00 percent, Bangkok Expressway tumbled 2.50 percent, B. Grimm plunged 2.65 percent, BTS Group lost 1.71 percent, Charoen Pokphand Foods dropped 0.90 percent, Energy Absolute surrendered 2.11 percent, Kasikornbank spiked 2.02 percent, Krung Thai Card sank 0.71 percent, PTT Global Chemical strengthened 1.60 percent, SCG Packaging stumbled 2.48 percent, Siam Commercial Bank advanced 0.87 percent, Siam Concrete slumped 0.95 percent, Thai Oil declined 0.93 percent, True Corporation tanked 2.80 percent, TTB Bank climbed 1.07 percent and Krung Thai Bank, Advanced Info, Gulf, PTT Oil & Retail, PTT, PTT Exploration and Production and CP All Public were unchanged.

The lead from Wall Street remains murky as the major averages opened higher on but quickly fell under water, finally finishing mixed and little changed.

The Dow rose 35.16 points or 0.08 percent to finish at 42,206.82, while the NASDAQ dropped 98.86 points or 0.51 percent to close at 19,447.41 and the S&P 500 sank 13.03 points or 0.22 percent to end at 5,967.84.

The positive boost to kick off trade on Wall Street came after the White House said President Donald Trump sees a "substantial chance of negotiations" and would decide within two weeks whether to authorize a direct U.S. military strike on Iran.

Of course, on Saturday the United States bombed three sites in Iran that are suspected nuclear development areas. The fallout from those attacks remains uncertain.

On the economic front, the Federal Reserve Bank of Philadelphia said on Friday that regional manufacturing activity remained weak in June. The Philly Fed said its diffusion index for current general activity was unchanged in June after jumping to a negative 4.0 in May, with a negative reading indicating contraction. Economists had expected the index to rise to a negative 1.0.

Crude oil price slipped on Friday as concerns of U.S. involvement in the Israel-Iran conflict faded, even as the fighting between the two nations intensified. West Texas Intermediate crude for July delivery closed down by $0.21 to $74.93 per barrel.