Thai Stock Market May Test Support At 1,500 Points

(RTTNews) - The Thai stock market has finished lower in four straight sessions, sliding more than 60 points or 3.7 percent in that span. The Stock Exchange of Thailand now sits just beneath the 1,520-point plateau and it's looking at another soft start again on Monday.

The global forecast for the Asian markets is soft on concerns over the Middle East and the resulting spike in oil prices. The European markets were flat with a hint of weakness, while the U.S. bourses were sharply lower and the Asian markets figure to split the difference.

The SET finished sharply lower on Friday following losses among the consumer, finance, industrial, property, resource, service and technology sectors.

For the day, the index declined 26.01 points or 1.68 percent to finish at 1,518.59 after trading between 1,511.58 and 1,529.48. Volume was 11.227 billion shares worth 73.620 billion baht. There were 349 decliners and 115 gainers, with 187 stocks finishing unchanged.

The lead from Wall Street is broadly negative as the major averages opened lower on Friday and continued to trend to the downside throughout the trading day, ending near session lows.

The Dow tumbled 572.25 points or 1.09 percent to finish at 51,770.31, while the NASDAQ plunged 747.73 points or 2.86 percent to close at 25,437.00 and the S&P 500 tanked 140.32 points or 1.82 percent to end at 7,580.07. For the week, the NASDAQ dove 2 percent, the Dow slid 0.9 percent and the S&P 500 fell 0.6 percent.

The NASDAQ plunged to its lowest closing level in three months amid continued weakness among technology stocks due to renewed concerns about the artificial intelligence trade.

Intel (INTC) and Amazon (AMZN) led the markets lower with sharp losses after disappointing quarterly results.

Negative sentiment was also generated in reaction to a significant rebound by the price of crude oil amid supply concerns due to the ongoing conflict in the Middle East.

Crude oil prices spiked on Friday on increased supply disruption concerns, with media reports suggesting renewed U.S. military action against Iran this week. West Texas Intermediate crude Oil for December delivery was up $2.39 or 2.34 percent at $104.39 per barrel.