No Help Yet For Thai Stock Market

(RTTNews) - The Thai stock market has moved lower in four straight sessions, sinking almost 30 points or 2 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,550-point plateau and it's got another negative lead again for Wednesday's trade.

The global forecast for the Asian markets suggests mild consolidation on growth concerns. The European and U.S markets were down and the Asian markets are predicted to open in similar fashion.

The SET finished slightly lower on Tuesday as losses from the financials and industrials were offset by support from the energy and technology companies.

For the day, the index eased 0.82 points or 0.05 percent to finish at 1,547.86 after trading between 1,545.40 and 1,563.93. Volume was 12.569 billion shares worth 42.854 billion baht. There were 248 gainers and 204 decliners, with 190 stocks finishing unchanged.

Among the actives, Advanced Info added 0.47 percent, while Asset World retreated 1.44 percent, Banpu and SCG Packaging both sank 0.61 percent, Bangkok Bank shed 0.60 percent, Bangkok Dusit Medical surrendered 0.92 percent, Bangkok Expressway slumped 0.58 percent, B. Grimm spiked 2.31 percent, BTS Group stumbled 1.38 percent, CP All Public dropped 0.78 percent, Charoen Pokphand Foods rallied 1.45 percent, Energy Absolute was down 0.40 percent, Gulf gained 0.54 percent, Kasikornbank fell 0.38 percent, Krung Thai Card lost 0.53 percent, PTT Oil & Retail improved 0.50 percent, PTT Exploration and Production dipped 0.31 percent, Siam Commercial Bank tanked 2.11 percent, Siam Concrete rose 0.32 percent, TTB Bank skidded 1.18 percent and Krung Thai Bank, PTT Global Chemical, PTT, Thai Oil and Thailand Airport were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Tuesday and largely remained in the red throughout the session.

The Dow dropped 195.74 points or 0.56 percent to finish at 34,641.97, while the NASDAQ dipped 10.86 points or 0.08 percent to close at 14,020.95 and the S&P 500 fell 18.94 points or 0.42 percent to end at 4,496.83.

Concerns about the outlook for global economy following the release of disappointing Chinese and European data weighed on the market. A firm dollar and higher Treasury yields hurt as well.

In economic news, the Commerce Department reported a significant pullback in factory orders in July.

Oil prices climbed higher on Tuesday after Saudi Arabia and Russia announced they will extend their voluntary production cuts by three months. West Texas Intermediate Crude oil futures for October ended higher by $1.14 or about 1.3 percent at $86.69 a barrel.