No Help Yet For Thai Stock Market

(RTTNews) - The Thai stock market has moved lower in four straight sessions, slumping more than 15 points or 1.1 percent along the way. The Stock Exchange of Thailand now sits just shy of the 1,300-point plateau and it's expected to open in the red again on Wednesday.

The global forecast for the Asian markets is negative on concerns that technology shares may be over bought. The European and U.S. markets were firmly under water and the Asian bourses are expected to follow suit.

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 lost 10.26 points or 0.78 percent to finish at 1,298.60 after trading between 1,296.03 and 1,313.40. Volume was 7.217 billion shares worth 40.719 billion baht. There were 328 decliners and 114 gainers, with 199 stocks finishing unchanged.

Among the actives, Advanced Info rose 0.33 percent, while Thailand Airport crashed 2.44 percent, Asset World cratered 3.67 percent, Banpu tumbled 1.78 percent, Bangkok Bank shed 0.63 percent, Bangkok Dusit Medical slumped 1.06 percent, Bangkok Expressway surged 4.85 percent, BTS Group lost 0.68 percent, CP All Public and TTB Bank both skidded 1.08 percent, Energy Absolute plunged 4.00 percent, Gulf surrendered 2.84 percent, Kasikornbank retreated 1.33 percent, Krung Thai Bank jumped 1.83 percent, PTT Oil & Retail added 0.69 percent, PTT sank 0.81 percent, PTT Exploration and Production declined 1.40 percent, PTT Global Chemical plummeted 7.88 percent, Siam Commercial Bank fell 0.38 percent, Siam Concrete stumbled 2.01 percent, True Corporation contracted 1.75 percent and Charoen Pokphand Foods, Krung Thai Card, SCG Packaging, B. Grimm and Thai Oil were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Tuesday and remained in the red throughout the trading day, ending near session lows.

The Dow dropped 251.44 points of 0.53 percent to finish at 47,085.24, while the NASDAQ plummeted 486.09 points or 2.04 percent to close at 23,348.64 and the S&P 500 sank 80.42 points or 1.17 percent to end at 6,771.55.

The sell-off on Wall Street came amid concerns about the valuations of tech stocks, which have helped lead the markets to record highs amid optimism about artificial intelligence.

The weakness on Wall Street also came as Goldman Sachs (GS) CEO David Solomon warned of a significant correction by the equity markets over the next 1-2 years.

Crude oil prices declined sharply on Tuesday due to excess supply concerns. West Texas Intermediate crude for December delivery was down $0.44 or 0.72 percent at $60.61 per barrel.

Closer to home, Thailand will release October inflation numbers later today; in September, overall inflation was down 0.72 percent on year, while core CPI rose an annual 0.65 percent.