Thai Stock Market May Extend Losing Streak

(RTTNews) - The Thai stock market has moved lower in back-to-back sessions, slumping almost 15 points or 1 percent in that span. The Stock Exchange of Thailand now sits just above the 1,400-point plateau, although it may give up that support on Wednesday.

The global forecast for the Asian markets is negative thanks to dwindling hopes for an interest rate cut in the near future. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The SET finished modestly lower on Tuesday following losses from the food, finance, industrial and technology stocks.

For the day, the index slipped 5.30 points or 0.38 percent to finish at 1,401.72 after trading between 1,399.85 and 1,407.08. Volume was 17.907 billion shares worth 39.474 billion baht. There were 296 decliners and 174 gainers, with 167 stocks finishing unchanged.

Among the actives, Thailand Airport rose 0.80 percent, while Asset World jumped 1.95 percent, Banpu and Kasikornbank both sank 0.76 percent, Bangkok Bank fell 0.33 percent, Bangkok Dusit Medical gained 0.90 percent, B. Grimm stumbled 0.92 percent, CP All Public tumbled 1.83 percent, Charoen Pokphand Foods shed 0.52 percent, Energy Absolute retreated 1.18 percent, Gulf climbed 1.10 percent, Krung Thai Bank skidded 1.08 percent, Krung Thai Card slumped 1.13 percent, PTT Oil & Retail slid 0.53 percent, PTT improved 0.75 percent, SCG Packaging declined 0.74 percent, Siam Commercial Bank dropped 0.96 percent, Siam Concrete lost 0.70 percent, Thai Oil advanced 0.97 percent, True Corporation rallied 2.94 percent and TTB Bank, PTT Global Chemical, Advanced Info, PTT Exploration and Production, Bangkok Expressway and BTS Group were unchanged.

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

The Dow tumbled 231.86 points or 0.62 percent to finish at 37,361.12, while the NASDAQ shed 28.41 points or 0.19 percent to close at 14,944.35 and the S&P 500 sank 17.85 points or 0.37 percent to end at 4,765.98.

The weakness on Wall Street came was the result of higher Treasury yields and concerns that the Federal Reserve may not cut interest rates anytime soon.

In addition to digesting some hawkish comments from some central bank officials, investors also reacted to disappointing quarterly earnings updates from major companies such as Goldman Sachs and Morgan Stanley.

In economic news, the Federal Reserve Bank of New York reported that the Empire State Manufacturing Index plunged to -43.7 in January, the lowest reading since May 2020.

Oil futures settled lower on Tuesday as a stronger dollar and forecasts that weather in the U.S. will be warmer than normal weighed on oil prices. West Texas Intermediate Crude oil futures ended down $0.28 at $72.40 a barrel.