Lower Open Anticipated For Thai Stock Market

(RTTNews) - The Thai stock market has alternated between positive and negative finishes through the last four trading days since the end of the five-day winning streak in which it had jumped almost 50 points or 3.1 percent. The Stock Exchange of Thailand now sits just above the 1,600-point plateau and it's expected to see continued consolidation on Tuesday.

The global forecast for the Asian markets is soft on a rebound in both crude oil prices and treasury yields. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

The SET finished modestly lower on Monday following losses from the consumer, financial, industrial, resource and technology sectors.

For the day, the index fell 5.26 points or 0.33 percent to finish at 1,602.37 after trading between 1,594.93 and 1,606.24. Volume was 8.421 billion shares worth 49.707 billion baht. There were 275 decliners and 146 gainers, with 231 stocks finishing unchanged.

The lead from Wall Street is weak as the major averages opened lower on Monday and remained under water throughout the trading day, ending at session lows.

The Dow dropped 347.11 points or 0.67 percent to finish at 51,481.51, while the NASDAQ sank 248.34 points or 0.92 percent to close at 26,820.38 and the S&P 500 lost 59.72 points or 0.77 percent to end at 7,683.69.

The weakness on Wall Street followed a substantial rebound by the price of crude oil, which has been a key driver of trading in recent sessions.

Crude oil prices were up on Monday, although well off early highs after U.S. President Donald Trump rejected Iran's conditional proposal for reopening the Strait of Hormuz. West Texas Intermediate crude for November delivery was up $0.41 or 0.42 percent to $92.80 per barrel.

Reports cited U.S. officials as saying that Trump has told aides he expects to resume bombing Iran after the November midterm elections, which caused the jump in oil prices.

Treasury yields also spiked, with the yield on the benchmark ten-year note reaching its highest level since June 2007. The jumps in oil prices and treasury yields have renewed concerns about the outlook for inflation and interest rates ahead of the Federal Reserve's next monetary policy meeting next month.