Thai Stock Market Likely Rangebound On Wednesday

(RTTNews) - The Thai stock market on Tuesday snapped the three-day winning streak in which it had spiked more than 50 points or 4.1 percent. The Stock Exchange of Thailand now sits just above the 1,190-point plateau and it's expected to see little movement on Wednesday.

The global forecast for the Asian markets offers little clarity as the markets figure to stagnate amidst a lack of catalysts. The European and U.S. markets were mixed and the Asian bourses are likely to follow that lead.

The SET finished sharply lower on Tuesday following losses from the consumer, finance, industrial, property, resource, service and technology sectors.

For the day, the index tumbled 16.38 points or 1.36 percent to finish at 1,191.75 after trading between 1,191.65 and 1,213.24. Volume was 9.488 billion shares worth 49.095 billion baht. There were 381 decliners and 115 gainers, with 159 stocks finishing unchanged.

Among the actives, Advanced Info fell 0.34 percent, while Thailand Airport crashed 2.60 percent, Asset World plummeted 3.85 percent, Banpu tanked 2.16 percent, Bangkok Bank climbed 1.05 percent, Bangkok Dusit Medical dropped 1.90 percent, Bangkok Expressway was down 2.73 percent, B. Grimm crashed 8.55 percent, BTS Group fell 2.30 percent, CP All Public skidded 3.11 percent, Energy Absolute surrendered 2.78 percent, Gulf contracted 2.26 percent, Kasikornbank retreated 1.56 percent, Krung Thai Bank dropped 0.93 percent, Krung Thai Card tumbled 1.75 percent, PTT sank 0.77 percent, PTT Exploration and Production dropped 2.11 percent, PTT Global Chemical plunged 3.17 percent, SCG Packaging shed 0.57 percent, Siam Commercial Bank collected 0.41 percent, Siam Concrete improved 0.79 percent, Thai Oil improved 0.79 percent, True Corporation stumbled 1.83 percent and TTB Bank, Charoen Pokphand Foods and PTT Oil & Retail were unchanged.

The lead from Wall Street is murky as the major averages opened on opposite sides of the unchanged line and finished the same way.

The Dow climbed 179.37 points or 0.40 percent to finish at 44,502.44, while the NASDAQ shed 81.49 points or 0.39 percent to close at 20,892.69 and the S&P 500 perked 4.02 points or 0.06 percent to end at a fresh record high of 6,309.62.

Profit taking contributed to the initial weakness on Wall Street after the NASDAQ and the S&P ended the previous session at record closing highs, while a negative reaction to earnings news also weighing on the markets.

Shares of General Motors (GM) plunged after the automaker reported Q2 earnings that exceeded estimates but were down sharply on year. Leading global security, defense and aerospace contractor Lockheed Martin (LMT) also tumbled on weaker than expected second quarter revenues.

Crude oil moved lower for a third straight session on Tuesday as continuing uncertainty on tariff negotiations between the U.S. and its trading partners has increased demand concerns. West Texas Intermediate crude closed down by $0.99 to settle at $66.21 per barrel.