The losing streak is expected to continue for the Thai stock market

(RTTNews) – The Thai stock market ended lower in two consecutive sessions, losing nearly 30 points or 1.9% along the way. The Thailand Stock Exchange is now just above the 1,615 point plateau and is expected to open again in the red on Tuesday.

Global forecasts for Asian markets suggest continued consolidation over growing Omicron COVID-19 concerns. The European and American markets were in sharp decline and Asian markets are expected to open up similarly.

SET ended sharply lower on Monday with damage across the board – particularly among financial stocks and energy producers. For the day, the index lost 25.93 points or 1.58% to end at 1,615.80 after trading between 1,612.96 and 1,633.80. The volume was 28.642 billion shares worth 82.357 billion baht. There were 1,523 drops and 335 winners, with 281 stocks ending unchanged. Among assets, Advanced Info lost 2.75%, while Bangkok Bank and CP All Public both fell 2.89%, Bangkok Dusit Medical slipped 1.30%, Bangkok Expressway sank 2.34 %, BTS Group fell 2.62%, Charoen Pokphand Foods slipped 2.05%, Delta Electronics fell 6.10%, Energy Absolute fell 0.27%, IRPC fell 2 , 60%, Kasikornbank lost 3.19%, Krung Thai Bank lost 2.33%, Krung Thai Card lost 1.75%, PTT fell 1.97%, PTT Exploration and Production stumbled 2, 92%, PTT Global Chemical fell 2.54%, SCG Packaging gained 0.74%, Siam Commercial Bank fell 2.40%, Siam Concrete fell 0.27%, True Corporation fell 1 , 30%, TTB Bank plunged 1.30% and Thailand Airport, Gulf and PTT Oil & Retail remained unchanged.

Wall Street’s lead is negative as the major averages opened sharply lower on Monday and stayed that way throughout the session.

The Dow Jones lost 433.28 points or 1.23% to end at 34,932.16, while the NASDAQ lost 188.74 points or 1.24% to close at 14,980.94 and the S&P 500 lost 52.62 points or 1.14% to finish at 4,568.02.

Concerns about the rapid spread of the Omicron variant of the coronavirus contributed to the weakness of Wall Street. With the World Health Organization saying the number of cases doubles in 1.5 to 3 days in areas of community transmission, traders appear to fear the new strain could derail the global economic recovery.

The spread of the Omicron variant could also lead to new global supply chain issues, which have contributed to high inflation.

The announcement by West Virginia Democratic Senator Joe Manchin that he will not support the Biden administration’s Build Back Better plan added to negative sentiment.

Crude oil futures stabilized sharply lower on Monday as a rapid rise in the Omicron variant of the coronavirus and tighter restrictions on movement in several countries raised concerns about the outlook for energy demand . West Texas Intermediate crude oil futures for February ended down $ 2.63 or 3.7% at $ 68.23 a barrel.

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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