Thai stock market could extend Thursday’s losses

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(RTTNews) – The Thai stock market on Thursday marked the end of a three-day winning streak in which it had climbed over 20 points or 1.2%. The Stock Exchange of Thailand is now just above the plateau of 1695 points and the losses could accelerate on Friday.

The global outlook for Asian markets is weak, with oil and technology stocks expected to lead lower. European and American markets were down and Asian exchanges are expected to open similarly.

The SET ended slightly lower on Thursday as losses from energy producers were mitigated by support from financiers.

For the day, the index fell 3.16 points or 0.19% to end at 1,695.24 after trading between 1,693.16 and 1,701.95. The volume was 24.388 billion shares worth 71.203 billion baht. There were 1,188 declines and 531 gains, with 566 shares remaining unchanged.

Among assets, Advanced Info fell 0.85%, while Thailand Airport rose 0.38%, Asset World rose 0.99%, Banpu fell 1.79%, Bangkok Expressway added 0. .58%, BTS Group rose 0.55%, CP All Public fell 1.14%, Charoen Pokphand Foods fell 1.63%, IRPC lost 0.56%, Kasikornbank rose 0, 94%, Krung Thai Bank strengthened 1.47%, PTT Oil & Retail fell 0.99%, PTT lost 0.65%, PTT Exploration and Production fell 2.70%, SCG Packaging fell 0.82%, Siam Commercial Bank took in 0.88%, Siam Concrete rose 0.26%, TTB Bank gained 0.76% and Bangkok Bank, Bangkok Dusit Medical, B. Grimm, Energy Absolute, Gulf, Krung Thai Card, PTT Global Chemical and True Corporation remained unchanged.

Wall Street’s lead is negative as major averages opened lower on Thursday and losses accelerated as the session progressed, ending solidly in the red.

The Dow fell 550.46 points or 1.56% to end at 34,678.35, while the NASDAQ plunged 221.76 points or 1.54% to close at 14,220.52 and the S&P 500 fell 72.04 points or 1.57% to end at 4,530.41.

Selling pressure increased significantly in the final hour of the last trading day of the quarter, which marked the first negative quarter for large averages since the first quarter of 2020.

In the first three months of 2022, the Nasdaq fell 9.1% and the S&P 500 and Dow plunged 4.9% and 4.6%, respectively, although major averages regained ground in March.

Traders may also have sought safer havens ahead of the release of the Labor Department’s closely watched monthly jobs report later in the day.

Crude oil prices fell on Thursday after US President Joe Biden authorized the release of 1 million barrels of oil per day from the country’s strategic petroleum reserve for the next six months. West Texas International crude oil futures for May ended down $7.54 or 7% at $100.28 a barrel, the lowest close since March 16.

Closer to home, Thailand will see the March results for its Business Confidence Index later today; in February, the index score was 47.8.

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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