Thai stock market set to post losing streak

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(RTTNews) – Prior to Monday’s Wesak Day holiday, the Thai stock market had ended down in three consecutive sessions, losing nearly 40 points or 2.4%. The Stock Exchange of Thailand is now just below the plateau of 1,585 points, although it should stop the bleeding on Monday.

The global outlook for Asian markets is mixed, with support for energy stocks likely limited by weakness in technology companies. European and US markets were mixed and Asian markets should follow.

The SET finished marginally lower on Friday after losses from financials and a mixed picture from energy producers.

For the day, the index lost 0.14 points or 0.01% to end at 1,584.38 after trading between 1,578.11 and 1,597.58. The volume was 22.376 billion shares worth 75.432 billion baht. There were 920 gains and 872 declines, with 442 stocks remaining unchanged.

Among the assets, Advanced Info fell 0.46%, while Thailand Airport strengthened 1.52%, Banpu rose 0.87%, Bangkok Bank fell 0.79%, Bangkok Dusit Medical jumped 0.79%. 3.85%, B. Grimm jumped 1.57%, BTS Group lost 0.57%, CP All Public fell 0.39%, Charoen Pokphand Foods climbed 4.66%, Energy Absolute climbed 0.93%, IRPC improved 0.65%, Kasikornbank fell 0.35%, Krung Thai Bank fell 2.03%, Krung Thai Card slipped 0.43%, PTT Oil & Retail accelerated by 1.92%. , PTT lost 0.68%, PTT Exploration and Production gained 1.34%, PTT Global Chemical slipped 1.12%, Siam Commercial Bank fell 1.38%, True Corporation rebounded 1.88 %, TTB Bank plunged 3.15% and Gulf and Bangkok Expressway was unchanged.

Wall Street’s advance is inconsistent as major averages opened lower on Monday but saw the weather on both sides of the line unchanged, ultimately ending mixed.

The Dow Jones rose 26.76 points or 0.08% to end at 32,223.42, while the NASDAQ fell 142.21 points or 1.20% to end at 11,662.79 and the S&P 500 fell 15.88 points or 0.39% to close at 4,008.01.

Disappointing economic data from the US, Europe and China weighed on sentiment, keeping investors largely cautious.

A downward revision to EU growth forecasts by the European Commission, as did data showing that wholesale price inflation in Germany has hit an all-time high.

In US economic news, the Federal Reserve Bank of New York said manufacturing activity contracted unexpectedly in May.

Crude oil futures shrugged off initial weakness and stabilized sharply higher on Monday, supported by rising gasoline prices after inventories fell. West Texas Intermediate crude oil futures for June ended up $3.71 or 3.4% at $114.20 a barrel.

Closer to home, Thailand will release first-quarter gross domestic product figures later today on Tuesday. GDP is expected to rise 0.9% quarter on quarter and 2.1% year on year after gaining 1.8% quarter on quarter and 1.9% year on year in the previous three months.

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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