Soft start expected for Thai stock market


(RTTNews) – Thailand’s stock market headed south again on Wednesday, a day after snapping a four-day losing streak in which it fell more than 40 points or 2.7%. The Stock Exchange of Thailand is now just above the plateau of 1,560 points and should remain in this vicinity again on Thursday.

The global forecast for Asian markets is mixed on the downside due to fears of continued policy tightening and a global recession. European and American markets were down and Asian markets are expected to open similarly.

The SET ended slightly lower on Wednesday following losses among financial stocks and energy producers.

For the day, the index lost 14.50 points or 0.92% to end at 1,560.02 after trading between 1,551.42 and 1,572.66. The volume was 21.192 billion shares worth 68.260 billion baht. There were 1,433 declines and 386 gains, with 344 stocks remaining unchanged.

Among assets, Advanced Info fell 1.49%, while Thailand Airport fell 0.36%, Asset World fell 0.41%, Banpu lost 0.78%, Bangkok Bank fell 1 .85%, Bangkok Medical fell 1.21%, Bangkok Expressway fell 2.23%, B. Grimm lost 0.70%, BTS Group fell 1.18%, CP All Public fell 1 .67%, Charoen Pokphand Foods and PTT Oil & Resource both fell 0.95%, EA Energy stumbled 2.08%, Gulf slipped 1.05%, IRPC climbed 1.27%, Kasikornbank fell 1.00%, Krung Thai Bank lost 1.28%, Krung Thai Card rose 0.87%, PTT Exploration and Production fell 3.07%, Siam Commercial Bank fell 2.86 %, Siam Concrete rose 0.28%, SCG Packaging jumped 1.44%, True Corporation lost 1.26%, TTB Bank fell 0.79% and Thai Oil, PTT and PTT Global Chemical are remained unchanged.

Wall Street’s advance ended up slightly negative as major averages opened lower on Wednesday, then spent most of the day in the green before falling back into negative territory at the close.

The Dow Jones lost 47.12 points or 0.15% to end at 30,483.13, while the NASDAQ lost 16.22 points or 0.15% to close at 11,053.08 and the S&P 500 fell. down 4.90 points or 0.13% to end at 3,759.89.

The choppy trade on Wall Street came as traders reacted to testimony by Federal Reserve Chairman Jerome Powell before the Senate Banking Committee. Powell said the Fed plans to continue to move quickly to fight inflation, but argued the U.S. economy is strong enough to handle tighter monetary policy.

Powell said the pace of future interest rate hikes will depend on incoming data and the changing outlook for the economy and suggested the Fed will need to see “compelling evidence” that inflation is slowing before it begins. to scale back its monetary policy tightening plans.

Crude oil futures fell on Wednesday amid worries about the outlook for energy demand as global growth slowed following steep interest rate hikes by central banks. West Texas Intermediate crude oil futures for August ended down $3.33 or 3% at $106.19 a barrel, the lowest settlement in six weeks.

Closer to home, Thailand will release May figures for imports, exports and trade balance later today. Imports are expected to increase by 16.75% year on year, against 21.5% in April. Exports are called higher by 6.7% a year from 9.9% the previous month. The trade deficit is pegged at $1.3 billion after the $1.91 billion deficit a month earlier.

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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