Thai Stock Market Tipped To Halt Losing Streak

RTTNews · 06 Jul 2022 187 Views

The Thai stock market has finished lower in back-to-back trading days, tumbling more than 30 points or 2 percent along the way. The Stock Exchange of Thailand now rests just above the 1,540-point plateau, although it's expected to stop the bleeding on Wednesday.

The global forecast for the Asian markets is inconsistent, with gains from the technology stocks likely to be offset by weakness from the energy producers. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The SET finished sharply lower on Tuesday following losses from the financials and technology stocks, while the energy companies were mixed.

For the day, the index retreated 18.97 points or 1.22 percent to finish at 1,541.30 after trading between 1,539.32 and 1,569.96. Volume was 21.986 billion shares worth 76.714 billion baht. There were 1,535 decliners and 385 gainers, with 279 stocks finishing unchanged.

Among the actives, Advanced Info strengthened 1.50 percent, while Thailand Airport skidded 1.06 percent, Asset World retreated 1.24 percent, Banpu rallied 2.46 percent, Bangkok Bank declined 1.13 percent, Bangkok Dusit Medical soared 3.00 percent, Bangkok Expressway shed 0.57 percent, BTS Group lost 0.59 percent, CP All Public tumbled 2.03 percent, Energy Absolute plunged 3.66 percent, Gulf fell 0.53 percent, JMT Network Services plummeted 7.07 percent, Kasikornbank weakened 1.34 percent, Krung Thai Bank surrendered 1.30 percent, Krung Thai Card cratered 4.87 percent, PTT Exploration and Production spiked 2.52 percent, PTT Global Chemical slumped 1.11 percent, SCG Packaging dropped 0.90 percent, Siam Commercial Bank sank 1.47 percent, Siam Concrete slid 0.80 percent, Thai Oil rose 0.49 percent, True Corporation stumbled 1.72 percent, TTB Bank was down 1.67 percent and Charoen Pokphand Foods, IRPC, PTT Oil & Retail and PTT were unchanged.

The lead from Wall Street is mixed to higher as the major averages opened with deep losses on Tuesday; they improved throughout the session, although the Dow remained stuck in the red.

The Dow shed 129.44 points or 0.42 percent to finish at 30,967.82, while the NASDAQ surged 194.39 points or 1.75 percent to end at 11,322.24 and the S&P 500 rose 6.06 points or 0.16 percent to end at 3,831.39.

Growth fears outweighed news that U.S. President Joe Biden may announce a rollback of some U.S. tariffs on Chinese imports.

Investors also looked ahead to the release of the minutes of the central bank's latest policy meeting and the non-farm payrolls data, due out later in the week.

In economic news, the Labor Department said factory orders increased more than expected in May.

Crude oil prices plunged sharply Tuesday on concerns about the outlook for energy demand following a surge in Covid cases in China, while fears about Fed tightening, a strong greenback and a possible global slowdown also weighed on oil prices. West Texas Intermediate Crude oil futures for August plummeted $8.93 or 8.2 percent at $99.50 a barrel.

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