Further selling pressure expected for the Thai stock market

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(RTTNews) – The Thai stock market on Wednesday ended a four-day losing streak in which it lost more than 30 points or 1.9%. The Stock Exchange of Thailand is now just above the plateau of 1,635 points, although it could come back down on Thursday.

The global forecast for Asian markets is weak due to fears of higher inflation and slower growth. European and American markets were down and Asian stock exchanges should follow suit.

The SET ended slightly higher on Wednesday after mixed performances from financial stocks and energy companies.

For the day, the index added 4.97 points or 0.30% to end at 1,636.89 after trading between 1,631.12 and 1,641.08. The volume was 17.891 billion shares worth 57.187 billion baht. There were 850 gains and 783 declines, with 547 stocks remaining unchanged.

Among the assets, Advanced Info lost 0.47%, while Thailand Airport gained 0.73%, Banpu fell 2.26%, Bangkok Expressway lost 0.56%, B. Grimm rebounded 2, 21%, CP All Public fell 0.39%, Charoen Pokphand Foods jumped 1.92%, Energy Absolute climbed 1.13%, Gulf rose 0.53%, IRPC rose 2, 26%, Kasikornbank collected 0.35%. Krung Thai Bank fell 1.28%, Krung Thai Card fell 0.41%, PTT Oil & Retail fell 0.90%, PTT Exploration and Production gained 0.59%, PTT Global Chemical gained 0.52%, Siam Commercial Bank gained 0.46% and TTB Bank, Bangkok Dusit Medical. , PTT, Bangkok Bank and BTS Group remained unchanged.

Wall Street’s lead is negative as major averages opened lower and spent most of the session in the red before ending firmly in negative territory.

The Dow Jones lost 269.24 points or 0.81% to end at 32,910.90, while the NASDAQ lost 88.96 points or 0.73% to end at 12,086.27 and the S&P 500 sank 44.91 points or 1.08% to close at 4,115.77.

Wall Street’s weakness followed weaker global growth forecasts from the World Bank and the Organization for Economic Co-operation and Development.

Rising Treasury yields also caused the market to decline after breaking above the psychologically important level of 3%, fueling concerns about inflation.

In economic news, the Commerce Department said wholesale inventories in the United States rose more than expected in April, although they were down from the previous month.

Crude oil prices rose on Wednesday, supported by a sharp drop in U.S. gasoline inventories last week and optimism about increased demand from China. West Texas Intermediate crude oil futures for July ended up $2.70 or 2.3% at $122.11 a barrel, hitting a three-week high.

Closer to home, Thailand will see the May results for its consumer confidence index later today; in April, the index score was 40.7.

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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