Thai Stock Market Overdue For Support On Wednesday

(RTTNews) - The Thai stock market has finished lower in three straight sessions, plunging more than 90 points or 5.7percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,525-point plateau although it should finally catch a break on Wednesday.

The global forecast for the Asian markets is positive on bargain hunting and encouraging inflation data. The European and U.S. markets were sharply higher and the Asian bourses figure to follow that lead.

The SET finished sharply lower on Tuesday with losses in every sector, although the financials and resource stocks were hit especially hard.

For the day, the index retreated 49.18 points or 3.13 percent to finish at 1,523.89 after trading between 1,518.66 and 1,572.36. Volume was 23.734 billion shares worth 103.839 billion baht. There were 1,554 decliners and 295 gainers, with 196 stocks finishing unchanged.

Among the actives, Advanced Info eased 0.50 percent, while Thailand Airport declined 2.21 percent, Asset World slumped 2.78 percent, Banpu retreated 2.80 percent, Bangkok Bank tumbled 2.94 percent, Bangkok Dusit Medical shed 1.79 percent, B. Grimm weakened 4.58 percent, CP All Public tanked 3.63 percent, Charoen Pokphand Foods plummeted 5.05 percent, Energy Absolute plunged 4.97 percent, Gulf tumbled 3.94 percent, Kasikornbank fell 1.17 percent, Krung Thai Bank surrendered 3.59 percent, Krung Thai Card and PTT Global Chemical both declined 3.23 percent, PTT Oil & Retail declined 2.46 percent, PTT stumbled 2.48 percent, PTT Exploration and Production slumped 3/07 percent, SCG Packaging dropped 3.43 percent, Siam Commercial Bank lost 2.26 percent, Siam Concrete plummeted 3.95 percent, Thai Oil lost 2.87 percent and TTB Bank crashed 4.41 percent.

The lead from Wall Street is upbeat as the major averages opened sharply higher on Tuesday and remained in the green throughout the session.

The Dow jumped 336.26 points or 1.06 percent to finish at 32,155.40, while the NASDAQ rallied 239.31 points or 2.14 percent to end at 11,428.15 and the S&P 500 advanced 63.53 points or 1.65 percent to close at 3,919.29.

The strength on Wall Street was fueled by bargain hunting, particularly in the banking sector after regulators said there won't be a relapse of the financial crisis from 15 years ago.

Data showing a drop in U.S. consumer prices in February contributed significantly to the positive mood in the market, allaying fears of an accelerated rate hike from the Federal Reserve.

Crude oil prices fell sharply to a nine-week low on Tuesday amid concerns a fresh financial crisis following the collapse of Silicon Valley Bank and Signature Bank could significantly hurt demand. West Texas Intermediate Crude oil futures for April sank $3.47 or 4.7 percent at $71.33 a barrel.