Thai Stock Market May Extend Tuesday's Losses

(RTTNews) - The Thai stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day slide in which it had given up more than 20 points or 1.6 percent. The Stock Exchange of Thailand now sits just above the 1,270-point plateau and it's got another weak lead for Wednesday's trade.

The global forecast for the Asian markets is weak on persistent concerns about an AI bubble. The European and U.S. markets were sharply lower and the Asian bourses also figure to open to the downside.

The SET finished modestly lower on Tuesday following losses from the food, consumer, finance, industrial, property, resource and technology sectors.

For the day, the index lost 10.03 points or 0.78 percent to finish at 1,270.04 after trading between 1,267.08 and 1,277.73. Volume was 6.244 billion shares worth 29.343 billion baht. There were 306 decliners and 146 gainers, with 195 stocks finishing unchanged.

Among the actives, Advanced Info gained 0.64 percent, while Thailand Airport sank 0.61 percent, Asset World stumbled 1.96 percent, Banpu surrendered 2.65 percent, Bangkok Bank lost 0.63 percent, Bangkok Dusit Medical contracted 1.04 percent, BTS Group was down 2.21 percent, CP All Public slumped 1.12 percent, Charoen Pokphand Foods shed 0.47 percent, Energy Absolute cratered 2.07 percent, Gulf skidded 1.18 percent, Kasikornbank collected 0.27 percent, Krung Thai Bank advanced 0.92 percent, PTT Oil & Retail crashed 2.21 percent, PTT Exploration and Production dropped 0.93 percent, PTT Global Chemical plunged 3.43 percent, SCG Packaging tumbled 1.78 percent, Siam Commercial Bank fell 0.39 percent, Siam Concrete retreated 1.33 percent, Thai Oil plummeted 3.31 percent, TTB Bank slipped 0.54 percent and Krung Thai Card, True Corporation, B. Grimm, PTT and Bangkok Expressway were unchanged.

The lead from Wall Street is negative as the major averages opened in the red and remained under water throughout the trading day.

The Dow plunged 498.50 points or 1.07 percent to finish at 46,091.74, while the NASDAQ stumbled 275.23 points or 1.21 percent to close at 22,432.85 and the S&P 500 sank 55.09 points or 0.83 percent to end at 6,617.32.

Weakness among technology stocks continued to weigh on Wall Street amid an extended decline by market leader and AI darling Nvidia (NVDA) as traders look ahead to the release of the chipmaker's quarterly results later today.

The strength of Nvidia's results and its guidance could have a significant impact on the markets amid recent concerns about an AI bubble.

On the U.S. economic front, the Commerce Department released a report showing a significant rebound by new orders for U.S. manufactured goods in the month of August.

Crude oil prices soared on Tuesday as the end of the U.S. government shutdown has accelerated expectations of brisk demand. West Texas Intermediate crude for December delivery was up $0.90 or 1.49 percent at $60.80 per barrel.