Thai Stock Market May Test Support At 1,100 Points

(RTTNews) - The Thai stock market has finished lower in four straight sessions, slumping more than 25 points or 2.2 percent along the way. The Stock Exchange of Thailand now sits just shy of the 1,115-point plateau and it's likely to open to the downside again on Wednesday.

The global forecast for the Asian markets is negative in rising geopolitical tensions in the Middle East. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The SET finished barely lower on Tuesday as losses from the food, industrial, resource and technology sectors were offset by gains among the finance, property and service stocks.

For the day, the index eased 0.91 points or 0.08 percent to finish at 1,113.58 after trading between 1,112.25 and 1,119.13. Volume was 6.517 billion shares worth 27.531 billion baht. There were 243 gainers and 197 decliners, with 220 stocks finishing unchanged.

Among the actives, Thailand Airport surged 4.59 percent, while Banpu rallied 2.30 percent, Bangkok Bank improved 0.72 percent, Bangkok Dusit Medical advanced 0.95 percent, B. Grimm declined 1.55 percent, BTS Group lost 0.48 percent, Charoen Pokphand Foods dropped 0.99 percent, Gulf skidded 1.14 percent, Kasikornbank collected 0.66 percent, Krung Thai Bank added 0.46 percent, Krung Thai Card increased 0.68 percent, PTT tumbled 1.63 percent, PTT Exploration and Production slumped 1.79 percent, PTT Global Chemical retreated 1.47 percent, SCG Packaging tanked 2.40 percent, Siam Commercial Bank rose 0.43 percent, Siam Concrete shed 0.59 percent, Thai Oil sank 0.87 percent, True Corporation stumbled 2.50 percent and TTB Bank, Asset World, Advanced Info, Energy Absolute, PTT Oil & Retail, CP All Public and Bangkok Expressway were unchanged.

The lead from Wall Street is weak as the major averages opened slightly lower on Tuesday but saw the losses accelerate as the day progressed, ending firmly under water.

The Dow stumbled 299.29 points or 0.70 percent to finish at 42,215.80, while the NASDAQ slumped 180.12 points or 0.91 percent to close at 19,521.09 and the S&P 500 sank 50.39 points or 0.84 percent to end at 5,982.72.

While reports hinting at an end to hostilities contributed to a rally on Monday, news that President Donald Trump left a G7 summit early to focus on the conflict has led to worries about further escalation.

The weakness on Wall Street also came after the release of a Commerce Department report showing U.S. retail sales fell by more than expected in the month of May.

Crude prices soared on Tuesday, with the conflict between Israel and Iran showing no sign of retreat. West Texas Intermediate crude for July delivery shot up by $3.07 to settle at $74.84 per barrel.

Closer to home, Thailand may release May figures for imports, exports and trade balance later today; in April, imports were up 16.1 percent on year and exports rose an annual 10.2 percent for a trade deficit of $3.30 billion.