Lower opening forecast for Thai stock market

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(RTTNews) – Thailand’s stock market snapped a four-day winning streak on Wednesday in which it had advanced more than 25 points or 1.6% along the way. The Stock Exchange of Thailand is now just above the plateau of 1,660 points and should reopen in the red on Thursday.

The global forecast for Asian markets is weak thanks to rising bond yields and weak economic data. European and American markets were down and Asian stock exchanges should follow suit.

The SET ended slightly lower on Wednesday on losses from financial stocks and a mixed picture from energy producers.

For the day, the index fell 3.40 points or 0.20% to end at 1,660.01 after trading between 1,655.80 and 1,664.90. The volume was 20.844 billion shares worth 70.482 billion baht. There were 1,104 declines and 573 gains, with 587 shares remaining unchanged.

Among assets, Thailand Airport fell 0.36%, while Bangkok Bank lost 0.38%, Bangkok Dusit Medical jumped 1.94%, BTS Group slipped 1.12%, Charoen Pokphand Foods gained 0.96%, Gulf gained 0.52%, IRPC lost 0.58%, Krung Thai Card. improved 0.82%, PTT Oil & Retail fell 0.90%, PTT Exploration and Production fell 1.18%, SCG Packaging gained 0.44%, Siam Commercial Bank fell 1.33% , True Corporation climbed 3.64%, TTB Bank fell 0.79% and PTT, Kasikornbank, Krung Thai Bank, PTT Global Chemical, Banpu and Energy Absolute remained unchanged.

Wall Street’s advance suggests mild consolidation as the major averages opened higher on Wednesday but quickly fell and spent the rest of the day in the red.

The Dow Jones lost 176.89 points or 0.54% to end at 32,813.23, while the NASDAQ fell 86.93 points or 0.72% to end at 11,994.46 and the S&P 500 lost 30.92 points or 0.75% to close at 4,101.23.

The lower close on Wall Street reflects a negative reaction to a Labor Department report showing job openings fell by 455,000 to 11.4 million in April.

Stocks were also under pressure amid a jump in Treasury yields, with the yield on the benchmark ten-year note climbing back above 2.9%.

The rise in yields came after the Institute for Supply Management released a report showing that US manufacturing activity unexpectedly expanded at a slightly faster pace in May.

Crude oil futures traded higher on Wednesday, boosted by the European Union’s decision to impose a phased ban on Russian oil and hopes of rising energy demand from China. West Texas Intermediate crude oil futures for August rose $0.59 to $115.26 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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