Thai Stock Market May Run Out Of Steam On Monday

(RTTNews) – The Thai stock market has finished higher in three straight sessions, gathering almost 30 points or 1.7 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,715-point plateau although it’s due for consolidation on Monday.

The global forecast for the Asian markets is negative due to the ongoing uncertainty created by fears that Russia will imminently invade Ukraine. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The SET finished slightly higher on Friday following mixed performances from the energy producers, gains from the properties and weakness from the financials.

For the day, the index perked 1.62 points or 0.09 percent to finish at 1,713.20 after trading between 1,703.60 and 1,716.14. Volume was 28.700 billion shares worth 95.680 billion baht. There were 1,180 decliners and 606 gainers, with 526 stocks finishing unchanged.

Among the actives, Advanced Info sank 0.83 percent, while Thailand Airport advanced 0.77 percent, Banpu tanked 2.68 percent, Bangkok Bank shed 0.69 percent, Bangkok Dusit Medical fell 0.43 percent, Bangkok Expressway rallied 2.30 percent, BTS Group surged 7.94 percent, CP All Public gained 0.77 percent, Charoen Pokphand Foods and Gulf both climbed 0.97 percent, Energy Absolute skidded 1.04 percent, IRPC retreated 1.00 percent, Kasikornbank dropped 0.88 percent, Krung Thai Bank declined 1.39 percent, Krung Thai Card slipped 0.38 percent, Land & House increased 0.50 percent, PTT Oil & Retail improved 0.93 percent, PTT stumbled 1.25 percent, PTT Exploration and Production slumped 1.14 percent, PTT Global Chemical tanked 2.22 percent, SCG Packaging added 0.40 percent, Siam Commercial Bank weakened 1.48 percent, Siam Concrete dipped 0.50 percent, True Corporation skyrocketed 10.68 percent, TTB Bank plunged 1.39 percent and Asset World was unchanged.

The lead from Wall Street is soft as the major averages opened lower on Friday and remained that way through most of the session, ending firmly in the red.

The Dow dropped 232.85 points or 0.68 percent to finish at 34,079.18, while the NASDAQ tumbled 168.65 points or 1.23 percent to close at 13,548.07 and the S&P 500 lost 31.39 points or 0.72 percent to end at 4,348.87. For the week, the Dow dropped 1.9 percent, the NASDAQ sank 1.8 percent and the S&P fell 1.6 percent.

The sustained weakness on Wall Street came amid lingering geopolitical concerns as the Ukrainian government and Russian state-controlled media continued to exchanged accusations of cease-fire violations in the eastern part of the country.

Uncertainty about the outlook for monetary policy also continued to weigh on the markets ahead of an anticipated interest rate hike by the Federal Reserve next month.

In U.S. economic news, the National Association of Realtors reported a sharp increase in existing home sales last month. Also, the Conference Board showed an unexpected pullback by its leading U.S. economic indicators in January.

Crude oil prices drifted lower on Friday amid signs of negotiations to restore the Iran nuclear deal. West Texas Intermediate Crude oil futures for March ended lower by $0.69 or 0.36 percent at $91.07 a barrel. WTI futures shed 2.2 percent in the week.

Closer to home, Thailand will release Q4 data for gross domestic product later today, with forecasts suggesting an increase of 1.4 percent on quarter and 0.7 percent on year. That follows the 1.1 quarterly decline and the 0.3 yearly drop in the three months prior. In all of 2021, GDP was down 6.1 percent.

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