Thailand’s stock market could take further damage on Monday

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(RTTNews) – The Thai stock market on Friday ended the two-day winning streak in which it had accumulated almost 10 points or 0.6%. The Stock Exchange of Thailand is now just above the plateau of 1630 points and the losses could accelerate on Monday.

The global forecast for Asian markets is sharply negative due to growing interest rate and inflation concerns. European and American markets have suffered heavy damage and Asian exchanges are expected to open in the same way.

The SET ended slightly lower on Friday after mixed performances from financial stocks and energy producers.

For the day, the index lost 8.72 points or 0.53% to end at 1,632.62 after trading between 1,631.43 and 1,640.86. The volume was 18.737 billion shares worth 59.628 billion baht. There were 1,289 declines and 426 gains, with 486 stocks remaining unchanged.

Among assets, Advanced Info fell 1.89%, while Thailand Airport rose 0.36%, Banpu fell 0.76%, Bangkok Dusit Medical fell 0.80%, Bangkok Expressway climbed 1.12%, BTS Group fell 0.58%, CP All Public fell 0.39%, Charoen Pokphand Foods slipped 0.94%, Gulf jumped 1.59%, l ‘IRPC fell 2.78%, PTT lost 0.66%, PTT Exploration and Production lost 0.57%, PTT Global Chemical plunged 3.08%, Siam Commercial Bank fell 1.33% and TTB Bank, Bangkok Bank, Kasikornbank, Krung Thai Bank, Krung Thai Card, B. Grimm, Energy Absolute and PTT Oil & Retail remained unchanged.

Wall Street’s advance is broadly negative as the major averages opened sharply lower on Friday and remained that way throughout the session, ending with heavy losses.

The Dow Jones fell 880.00 points or 2.73% to end at 31,392.79, while the NASDAQ plunged 414.20 points or 3.52% to close at 11,340.02 and the S&P 500 fell 116.96 points or 2.91% to end at 3,900.86.

For the week, the Dow Jones plunged 4.6%, the NASDAQ fell 5.6% and the S&P 500 fell 5.1%.

The sell-off on Wall Street came after the Labor Department released a report showing that consumer prices in the United States rose more than expected in May, raising concerns about the outlook for interest rates. interest.

The spike in inflation is likely to convince the Federal Reserve to follow through on its plans to aggressively hike interest rates in an effort to fight inflation. The Fed will announce its latest monetary policy decision on Wednesday, with the central bank expecting the central bank to raise interest rates another 50 basis points.

Crude oil prices fell on Friday as the dollar surged after data showing a sharp acceleration in US inflation raised fears of more aggressive rate hikes by the Federal Reserve. West Texas Intermediate crude oil futures for July ended down $0.84 or 0.7% at $120.67 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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