Thai Stock Market May Take Further Damage On Friday

(RTTNews) - The stock market on Thursday snapped the four-day winning streak in which it had advanced more than 40 points or 2.6 percent. The Stock Exchange of Thailand now sits just above the 1,565-point plateau and it's likely to open under pressure again on Friday.

The global forecast for the Asian markets is mixed to lower on concerns of economic slowdown. The European and U.S. markets ended mostly lower and the Asian bourses figure to follow suit.

The SET finished slightly lower on Thursday as losses from the financials, resource stocks and technology companies were offset by support from the food and service sectors.

For the day, the index dipped 2.16 points or 0.14 percent to finish at 1,567.40 after trading between 1,564.78 and 1,576.59. Volume was 13.233 billion shares worth 52.782 billion baht. There were 283 decliners and 198 gainers, with 152 stocks finishing unchanged.

Among the actives, Advanced Info sank 0.45 percent, while Thailand Airport slid 0.34 percent, Asset World advanced 0.92 percent, Banpu plunged 3.49 percent, Bangkok Bank rose 0.31 percent, CP All Public rallied 2.28 percent, Charoen Pokphand Foods added 0.49 percent, Kasikornbank collected 0.37 percent, Krung Thai Bank climbed 1.08 percent, Krung Thai Card dropped 0.89 percent, PTT perked 0.78 percent, PTT Exploration and Production fell 0.34 percent, PTT Global Chemical tanked 2.94 percent, SCG Packaging lost 0.56 percent, True Corporation plummeted 5.52 percent, TTB Bank shed 0.66 percent and Siam Commercial Bank, Siam Concrete, B. Grimm, Energy Absolute, Gulf, PTT Oil & Retail, Thai Oil, Bangkok Dusit Medical, Bangkok Expressway and BTS Group were unchanged.

The lead from Wall Street is uninspired as the major averages opened lower on Thursday and only the NASDAQ was able to peek slightly into the green by the end of the session.

The Dow tumbled 221.82 points or 0.66 percent to finish at 33,309.51, while the NASDAQ rose 22.07 points or 0.18 percent to close at 12,328.51 and the S&P 500 slipped 7.02 points or 0.17 percent to end at 4,130.62.

The weakness on Wall Street came among disappointing earnings news from the likes of Disney (DIS), while renewed concerns about turmoil in the banking sector also weighed.

In economic news, the Labor Department said its producer price index for final demand rose less than expected, adding to optimism the Federal Reserve will leave interest rates unchanged next month.

The Labor Department also said that initial jobless claims climbed to their highest level in well over a year last week.

Crude oil prices fell sharply on Thursday amid uncertainty about the outlook for energy demand, while a firm dollar also weighed. West Texas Intermediate Crude oil futures for June ended lower by $1.69 or 2.3 percent at $70.87 a barrel.