(RTTNews) – Thailand’s stock market has finished lower in consecutive sessions, losing more than 40 points or 2.5% along the way. The Stock Exchange of Thailand now sits just above the 1,600-point plateau and is eyeing another small advance for Tuesday’s trade.
The overall forecast for Asian markets is broadly negative due to fears of an economic slowdown and worries about the outlook for interest rates. European and American markets were down sharply and Asian markets should follow suit.
The SET ended sharply lower on Monday with damage across the board, especially among financials and energy producers.
For the day, the index fell 32.56 points or 1.99% to end at 1,600.06 after trading between 1,599.34 and 1,616.31. The volume was 20.533 billion shares worth 73.466 billion baht. There were 1,769 declines and 301 gains, with 146 stocks remaining unchanged.
Among the assets, Advanced Info fell 0.48%, while Thailand Airport fell 0.73%, Bangkok Bank slipped 1.12%, BTS Group fell 1.18%, CP All Public lost lost 2.76%, Charoen Pokphand Foods fell 0.95%, Energy Absolute fell 2.27%, Gulf fell 2.20%, IRPC cratered 2.86%, Kasikornbank lost 1, 67%, Krung Thai Bank fell 1.27%, Krung Thai Card fell 2.45%, PTT Oil & Retail fell 3.70%, PTT fell 2.67%, PTT Global Chemical fell 4.23%, Siam Commercial Bank fell 3.14%, True Corporation fell 1.73%, TTB Bank fell 1.57% and Banpu, Bangkok Dusit Medical and PTT Exploration and Production remained unchanged.
Wall Street’s advance is brutal as the major averages opened sharply lower on Monday and only worsened as the day wore on, ending deep in the red.
The Dow Jones fell 876.05 points or 2.79% to end at 30.516 billion baht, while the NASDAQ plunged 530.80 points or 4.68% to close at 10,809.23 and the S&P 500 fell 151.23 points or 3.88% to close at 3,749.63.
The extended selloff on Wall Street reflects lingering concerns about inflation and the outlook for interest rates after last Friday’s report showed rising consumer prices.
The Federal Reserve is expected to announce its latest monetary policy decision on Wednesday, with the central bank set to continue raising interest rates in a bid to fight inflation.
With Fed rate hikes widely anticipated for months, traders seem increasingly worried that a tightening in monetary policy could trigger a period of stagflation or an outright recession.
Crude oil futures rebounded from early losses and edged higher on Monday as global supply concerns outweighed demand concerns. West Texas Intermediate crude oil futures for July ended up $0.26 or 0.2% at $120.93 a barrel.
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