Thai Stock Market May Find Support On Wednesday

(RTTNews) - The Thai stock market has moved lower in consecutive trading days, retreating almost 50 points or 3.9 percent along the way. The Stock Exchange of Thailand now sits just above the 1,265-point plateau and it's expected to see a steady start on Wednesday.

The global forecast for the Asian markets is tempered by concerns over the growing economic conflict between the United States and China. The European and U.S. markets were mixed to lower and the Asian bourses are likely to follow that lead.

The SET finished modestly lower on Tuesday following losses from the food, consumer, finance, industrial, property, resource and service sectors.

For the day, the index slumped 10.46 points or 0.81 percent to finish at 1,276.52 after trading between 1,274.49 and 1,291.20. Volume was 5.634 billion shares worth 23.370 billion baht. There were 398 decliners and 86 gainers, with 146 stocks finishing unchanged.

Among the actives, Advanced Info rose 0.34 percent, while Thailand Airport contracted 3.05 percent, Asset World cratered 4.59 percent, Banpu retreated 1.35 percent, Bangkok Bank collected 0.33 percent, Bangkok Dusit Medical skidded 0.99 percent, Bangkok Expressway weakened 3.81 percent, B. Grimm surrendered 3.27 percent, BTS Group lost 5.96 percent, CP All Public dropped 2.60 percent, Charoen Pokphand Foods surrendered 2.62 percent, Energy Absolute rallied 3.14 percent, Gulf crashed 3.31 percent, Krung Thai Bank stumbled 2.02 percent, Krung Thai Card was down 3.23 percent, PTT Oil & Retail slumped 2.99 percent, PTT declined 1.59 percent, PTT Exploration and Production plummeted 3.59 percent, PTT Global Chemical tanked 2.57 percent, SCG Packaging plunged 4.95 percent, Siam Commercial Bank sank 0.78 percent, Siam Concrete tumbled 2.83 percent, Thai Oil shed 0.74 percent, TTB Bank shed 0.54 percent and Kasikornbank and True Corporation were unchanged.

The lead from Wall Street is murky as the major averages opened lower on Tuesday but ticked steadily higher before finally finishing mixed.

The Dow climbed 202.88 points or 0.44 percent to finish at 46.270.46, while the NASDAQ slumped 172.91 points or 0.76 percent to close at 22,521.70 and the S&P 500 dipped 10.41 points or 0.16 percent to end at 6,644.31.

The late-day pullback on Wall Street came as a post by President Donald Trump reinforced earlier concerns about trade tensions between the U.S. and China.

Trump accused China of an "economically hostile act" by purposefully not buying U.S. soybeans and threatened to terminate business with China having to do with cooking oil and other elements of trade as retribution.

The selling pressure was partly offset by upbeat earnings news from big-name financial companies, including Wells Fargo (WFC), Citigroup (C) and JPMorgan Chase (JPM).

Crude oil prices pulled back sharply on Tuesday as renewed trade tensions between the U.S. and China have heightened, while forecasts predicting low demand in the months ahead also weighed. West Texas Intermediate crude for November delivery was down $0.70 or 1.18 percent at $58.79 per barrel.