Thai Stock Market Expected To Remain Rangebound

(RTTNews) - The Thai stock market headed south again on Tuesday, one day after halting the five-day losing streak in which it had dropped more than 25 points or 1.5 percent. The Stock Exchange of Thailand now rests just above the 1,650-point plateau and it's likely to remain in that neighborhood again on Wednesday.

The global forecast for the Asian markets is murky, with little movement expected as support from technology stocks will likely be offset by weakness from oil companies. The European and U.S. markets were mixed and little changed and the Asian bourses are tipped to follow suit.

The SET finished modestly lower on Tuesday following mixed performances from the financial shares and the energy producers.

For the day, the index dropped 12.13 points or 0.73 percent to finish at 1,652.76 after trading between 1,648.74 and 1,669.71. Volume was 18.279 billion shares worth 70.525 billion baht. There were 1,278 decliners and 342 gainers, with 422 stocks finishing unchanged.

Among the actives, Advanced Info dropped 0.95 percent, while Thailand Airport retreated 1.37 percent, Banpu sank 0.90 percent, Bangkok Bank collected 0.61 percent, Bangkok Dusit Medical advanced 0.87 percent, CP All Public fell 0.37 percent, Energy Absolute shed 0.57 percent, Gulf declined 0.97 percent, Kasikornbank slumped 0.70 percent, Krung Thai Bank gave away 0.58 percent, Krung Thai Card skidded 0.85 percent, PTT strengthened 1.55 percent, PTT Exploration and Production tanked 2.42 percent, SCG Packaging gathered 0.49 percent, Siam Commercial Bank slid 0.50 percent, Siam Concrete jumped 1.79 percent, Thai Oil lost 0.43 percent, TTB Bank surrendered 0.71 percent and PTT Global Chemical, B. Grimm and PTT Oil & Retail were unchanged.

The lead from Wall Street provides little clarity as the major averages went on a volatile ride Tuesday that saw them finish on opposite sides of the unchanged line.

The Dow slumped 162.12 points or 0.47 percent to finish at 34,083, while the NASDAQ advanced 70.99 points or 0.60 percent to close at 11,962.78 and the S&P 500 dipped 0.96 points or 0.02 percent to end at 4,136.33.

The volatility on Wall Street followed the release of closely watched U.S. inflation data, which could have a significant effect on the Federal Reserve's strategy regarding interest rate hikes.

The Labor Department's report showed that U.S. consumer prices increased in line with estimates in January, probably dashing hopes that the Federal Reserve might further ease the pace of its interest rate hikes.

Crude oil prices slumped on Tuesday afternoon, dropping after the release of the U.S. inflation data before coming up off daily lows. West Texas Intermediate was down $1.01 or 1.26 percent to $79.13 per barrel, coming off a low of $77.46 earlier in the day.