Thai stock market may rise on Thursday
The Thai stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day losing streak
The Thai stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day losing streak in which it had stumbled more than 35 points or 2.2 percent. The Stock Exchange of Thailand now rests just above the 1,365-point plateau and it figures to see at least a technical rebound on Thursday after a brutal session a day earlier.
The global forecast for the Asian markets is cloudy, with coronavirus concerns warring with bargain hunting after heavy selling in recent days. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow that lead.
The SET finished hugely lower on Wednesday with major damage across the board, although the financials were especially brutal.
For the day, the index plummeted 72.69 points or 5.05 percent to finish at the daily low of 1,366.41 after peaking at 1,428.35. Volume was 25.419 billion shares worth 93.189 billion baht. There were 1,517 decliners and 451 gainers, with 172 stocks finishing unchanged.
Among the actives, Advanced Info shed 4.83 percent, while Thailand Airport lost 3.47 percent, Asset World tumbled 7.33 percent, Banpu plummeted 9.20 percent, Bangkok Bank skidded 7.25 percent, Bangkok Dusit Medical retreated 6.41 percent, Bangkok Expressway fell 4.81 percent, BTS Group sank 5.74 percent, Charoen Pokphand Foods declined 6.90 percent, Kasikornbank plunged 9.77 percent, Krung Thai Bank dropped 6.54 percent, PTT slid 2.35 percent, PTT Exploration and Production dipped 4.62 percent, PTT Global Chemical tumbled 7.29 percent, Siam Commercial Bank plunged 7.73 percent, Siam Concrete dropped 5.67 percent and TMB Bank cratered 12.30 percent.
The lead from Wall Street provides little clarity as stocks opened firmly higher on Wednesday but faded as the day progressed – eventually ending the session mixed.
The Dow shed 123.77 points or 0.46 percent to finish at 26,957.59, while the NASDAQ rose 15.16 points or 0.17 percent to 8,980.77 and the S&P 500 fell 11.82 points or 0.38 percent to 3,116.39.
Traders went bargain hunting early in the day, attempting to spark a rebound on Wall Street, but lingering concerns about the coronavirus outbreak escalating into a pandemic that slows global economic growth kept buying interest subdued.
The pullback by stocks coincided with a rebound by treasuries, which recovered from an early move to the downside and climbed into positive territory. As a result of the rebound by treasuries, the yield on the benchmark ten-year note ended the session at a new record closing low.
Traders shrugged off a Commerce Department report showing new home sales jumped to their highest level in over twelve years in January.
Crude oil prices declined sharply on Wednesday, extending losses to a fourth successive session, on rising concerns for the outlook for energy demand due to the coronavirus outbreak. West Texas Intermediate crude oil futures for April ended down $1.17 or 2.3 percent at $48.73 a barrel.