Continued Consolidation Called For Thai Stock Market


(RTTNews) – Thailand’s stock market has finished lower for four consecutive sessions, losing more than 35 points or 2.3% along the way. Thailand’s stock market is now just below the 1,630-point plateau and is expected to reopen under pressure on Monday.

The global outlook for Asian markets is weak given concerns over the global economy and interest rate outlook, with technology stocks particularly likely to fall. European and American markets were down and Asian exchanges are expected to open similarly.

The SET ended slightly lower on Friday following losses in financial stocks and energy producers.

For the day, the index lost 13.72 points or 0.83% to end at 1,629.58 after trading between 1,617.94 and 1,634.65. The volume was 23.542 billion shares worth 72.642 billion baht. There were 1,524 declines and 372 gains, with 335 stocks remaining unchanged.

Among assets, Thailand Airport slipped 1.12%, while Banpu rose 0.81%, Bangkok Bank fell 0.78%, Bangkok Dusit Medical fell 0.40%, Bangkok Expressway fell down 0.61%, B. Grimm fell 3.13%, CP All Public fell 2.26%, Energy Absolute fell 2.01%, Gulf fell 1.05%, IRPC fell 1.15%, Kasikornbank fell 0.34%, Krung Thai Bank fell 0.68%, PTT lost 0.67%, PTT Global Chemical lost 0.70%, Siam Commercial Bank fell 1 .73%, TTB Bank sank 0.78% and PTT Exploration and Production, PTT Oil & Retail and Krung Thai Card were unchanged.

Wall Street’s lead ends up being negative as the major averages spent most of Friday bouncing off the unchanged line before finally settling into the red.

The Dow Jones lost 98.63 points or 0.30% to end at 32,899.37, while the NASDAQ fell 173.04 points or 1.40% to end at 12,144.66 and the S&P 500 fell 23.53 points or 0.57% to close at 4,123.34. For the week, the NASDAQ fell 1.5% and the Dow Jones and S&P both fell 0.2%.

The lower close on Wall Street followed the closely watched report from the Labor Department showing stronger-than-expected job growth in April.

With the report showing continued strength in the labor market, economists predicted that the Federal Reserve will now continue its plans for a sharp hike in interest rates over the next few months.

Concerns about the interest rate outlook may have weighed on Wall Street, along with a continued rise in Treasury yields.

Crude oil prices closed higher on Friday and also posted a weekly gain, amid supply concerns following the European Union’s decision to offer some of its toughest measures yet against the Russia. West Texas Intermediate crude oil futures for June ended up $1.51 or 1.4% at $109.77 a barrel. WTI crude futures gained almost 5% during the week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Comments are closed.