Thai stock market expected to post losing streak

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(RTTNews) – Ahead of Wednesday’s holiday for Coronation Day, the Thai stock market had fallen in consecutive sessions, losing more than 15 points or 0.9% along the way. Thailand’s stock market is now just above the 1,650 plateau, although it should be supported on Thursday.

The global forecast for Asian markets is bullish on optimism regarding the outlook for interest rates. European markets were down and US stock markets were up and Asian markets should follow the latter lead.

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

For the day, the index lost 15.15 points or 0.91% to end at 1,652.29. The volume was 21.156 billion shares worth 67.070 billion baht. There were 1,509 declines and 338 gains, with 371 stocks remaining unchanged.

Among assets, Advanced Info fell 1.40%, while Thailand Airport gained 0.75%, Banpu fell 0.81%, Bangkok Bank fell 0.38%, Bangkok Dusit Medical fell 1.94%, CP All Public rose 0.77%, Energy Absolute slipped 1.41%, Gulf slipped. 1.03%, IRPC gained 0.57%, Kasikornbank fell 1.31%, Krung Thai Bank fell 1.97%, PTT Oil & Retail lost 0.40%, PTT lost 0.67 %, PTT Exploration and Production fell 1.66%, SCG Packaging gained 0.60%, Siam Commercial Bank rose 2.17%, Tisco collected 0.83% and TTB Bank fell 0.77 %.

Wall Street’s advance is broadly positive as major averages tracked the flat line for most of the day before rising sharply in the final hour.

The Dow Jones jumped 932.27 points or 2.81% to end at 34,061.06, while the NASDAQ jumped 401.10 points or 3.19% to end at 12,964.86 and the S&P 500 jumped 124.69 points or 2.99% to close at 4,300.17.

The late-day rally on Wall Street came after Federal Reserve Chairman Jerome Powell indicated that the central bank did not plan to raise interest rates as aggressively as some had feared.

Powell’s comments came after the Fed announced its widely expected decision to raise interest rates by half a percentage point in a bid to bring high inflation back to its 2% target – even though the Overall economic activity in the United States declined slightly in the first quarter.

In economic news, the Institute for Supply Management showed an unexpected slowdown in the pace of growth in service sector activity in the United States in April. Additionally, payroll processor ADP showed that U.S. private sector job growth slowed more than expected last month.

Crude oil prices rose sharply on Wednesday, buoyed by the European Union’s decision to impose sanctions on Russian oil. West Texas Intermediate crude oil futures for June climbed $5.58 or 5.5% to $107.79 a barrel.

Closer to home, Thailand will see the April results for its consumer confidence index and inflation later today. In March, the consumer confidence index score was 42.0, while headline inflation rose 0.66 on the month and 5.73% on the year. Core CPI rose 2.0% per year.

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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