(RTTNews) – The Thai stock market has moved lower in five straight sessions, sinking more than 60 points or 3.9 percent along the way. The Stock Exchange of Thailand now sits just above the 1,600-point plateau although it’s likely to give up that support when it opens on Tuesday.

The global forecast for the Asian markets is soft on concerns over economic growth and the outlook for interest rates. The European and U.S. markets were sharply lower and the Asian bourses are tipped to open in similar fashion.

The SET finished sharply lower on Monday following losses from the financial shares, resource stocks and food companies.

For the day, the index declined 25.09 points or 1.54 percent to finish at 1,604.49 after trading between 1,604.06 and 1,624.26. Volume was 19.767 billion shares worth 81.607 billion baht. There were 1,570 decliners and 305 gainers, with 255 stocks finishing unchanged.

Among the actives, Advanced Info retreated 1.44 percent, while Thailand Airport fell 0.38 percent, Bangkok Bank slid 0.39 percent, B. Grimm plunged 4.03 percent, Charoen Pokphand Foods sank 0.85 percent, Energy Absolute surrendered 2.64 percent, Gulf tanked 3.17 percent, IRPC was down 0.58 percent, Kasikornbank dipped 0.34 percent, Krung Thai Bank lost 0.68 percent, Krung Thai Card eased 0.43 percent, PTT Oil & Retail advanced 1.00 percent, PTT shed 0.67 percent, PTT Global Chemical declined 2.82 percent, Siam Commercial Bank tumbled 2.64 percent, Siam Concrete skidded 1.63 percent, TTB Bank collected 0.78 percent and PTT Exploration and Production and Banpu were unchanged.

The lead from Wall Street is broadly negative as the major averages opened sharply lower on Monday and the losses only accelerated as the day progressed.

The Dow plunged 653.67 points or 1.99 percent to finish at 32,245.70, while the NASDAQ plummeted 521.41 points or 4.29 percent to close at 11,623.25 and the S&P 500 tumbled 132.10 points or 3.20 percent to end at 3,991.24.

Traders seem worried aggressive moves by global central banks to contain inflation could lead to a period of stagflation or an outright recession. Rising treasury yields also contributed to the selloff.

The extended sell-off on Wall Street also came as traders looked ahead to inflation data later this week. The latest snapshot of inflation could impact expectations regarding how aggressively the Federal Reserve plans to raise interest rates.

Crude oil prices slumped on Monday, weighed by concerns about outlook for energy demand amid the impact of the Ukraine war and a slowdown in Chinese economic growth. West Texas Intermediate Crude oil futures for June ended down by $6.68 or 6.1 percent at $103.09 a barrel.

Closer to home, Thailand will see April results for its consumer confidence index later today; in March, the index score was 42.0.

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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