Thai stock market set to extend losing streak

(RTTNews) – Thailand’s stock market has fallen in five consecutive sessions, losing more than 60 points or 3.9% along the way. Thailand’s stock market is now just above the 1,600 plateau, although it is likely to drop that support when it opens on Tuesday.

The global forecast for Asian markets is weak due to concerns over economic growth and the outlook for interest rates. European and American markets were down sharply and Asian exchanges are expected to open similarly.

The SET ended sharply lower on Monday following losses in financial stocks, resource stocks and food companies.

For the day, the index fell 25.09 points or 1.54% to end at 1,604.49 after trading between 1,604.06 and 1,624.26. The volume was 19.767 billion shares worth 81.607 billion baht. There were 1,570 declines and 305 gainers, with 255 stocks ending unchanged.

Among the assets, Advanced Info fell 1.44%, while Thailand Airport fell 0.38%, Bangkok Bank fell 0.39%, B. Grimm plunged 4.03%, Charoen Pokphand Foods sank 0.85%, Energy Absolute fell 2.64%, Gulf fell 3.17%, IRPC was down 0.58%, Kasikornbank fell 0.34%, Krung Thai Bank lost 0.68%, Krung Thai Card was down 0.43%, PTT Oil & Retail was up 1.00%, PTT was down 0.67%, PTT Global Chemical was down 2.82%, Siam Commercial Bank fell 2.64%, Siam Concrete slipped 1.63%, TTB Bank was down 0.78% and PTT Exploration and Production and Banpu were unchanged.

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

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

Traders seem worried that 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 selling on Wall Street also came as traders anticipated inflation data later this week. The latest inflation outlook could impact expectations about how aggressively the Federal Reserve plans to raise interest rates.

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

Closer to home, Thailand will see its April Consumer Confidence Index results 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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