Continued consolidation likely for Thai stock market

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(RTTNews) – The Thai stock market on Wednesday marked the end of a two-day winning streak in which it had climbed nearly 30 points or 1.9%. The Stock Exchange of Thailand is now just above the plateau of 1,625 points and should reopen on Wednesday in the red.

The global outlook for Asian markets is broadly negative, with oil and technology stocks expected to lead lower. European markets were down and US markets were mixed and Asian markets figured to share the difference.

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

For the day, the index lost 9.05 points or 0.55% to end at 1,626.23 after trading between 1,625.93 and 1,636.97. The volume was 20.330 billion shares worth 63.643 billion baht. There were 1,111 declines and 578 gains, with 516 shares remaining unchanged.

Among assets, Advanced Info jumped 1.82%, while Thailand Airport lost 0.72%, Banpu fell 0.82%, Bangkok Bank lost 0.72%, Bangkok Dusit Medical fell 1 .85%, CP All Public fell 1.92%, Gulf fell 0.53%, IRPC crashed. 1.80%, Kasikornbank fell 0.34%, Krung Thai Bank fell 0.67%, Krung Thai Card fell 1.26%, PTT fell 1.33%, PTT Exploration and Production fell fell 0.96%, PTT Global Chemical fell 0.53%, Siam Commercial Bank fell 3.48%, TTB Bank fell 0.80% and PTT Oil & Retail, Energy Absolute and Charoen Pokphand Foods have remained unchanged.

Wall Street’s lead is mixed to lower as major averages opened in the red on Tuesday and spent most of the day there, although the Dow slid above the unchanged line at the close. .

The Dow Jones added 48.38 points or 0.15% to end at 31,928.62, while the NASDAQ fell 270.83 points or 2.35% to close at 11,264.45 and the S&P 500 fell. sank 32.27 points or 0.81% to finish at 3,941.48.

A sharp drop in Snap Inc. (SNAP) shares weighed on the tech sector after the company warned of weaker-than-expected second-quarter results.

The decline also reflected lingering fears that aggressive interest rate hikes by the Federal Reserve could lead to a recession; the Fed is due to release the minutes of its latest monetary policy meeting later today, which could shed additional light on the rate outlook.

Adding to the negative sentiment, the Commerce Department reported a much steeper-than-expected drop in new home sales in April.

Crude oil futures fell on Tuesday on concerns about the outlook for energy demand due to increased Covid-19 restrictions in China. Markets are also concerned that an aggressive tightening of monetary policy by central banks to control inflation could tip the global economy into a recession. West Texas Intermediate Crude oil futures for July fell $0.52 or 0.5% to $109.77 a barrel.

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

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