Thai Stock Market Poised To Extend Losing Streak

(RTTNews) - The Thai stock market has moved lower in three straight sessions, slumping almost 25 points or 1.6 percent along the way. The Stock Exchange of Thailand now sits just above the 1,445-point plateau and it's looking at another soft start again on Wednesday.

The global forecast for the Asian markets is negative ahead of key U.S. inflation data later today. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

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

For the day, the index sank 11.40 points or 0.78 percent to finish at 1,445.07 after trading between 1,443.15 and 1,460.13. Volume was 15.581 billion shares worth 42.690 billion baht. There were 430 decliners and 102 gainers, with 133 stocks finishing unchanged.

Among the actives, Advanced Info rose 0.35 percent, while Thailand Airport weakened 1.23 percent, Asset World tanked 2.27 percent, Bangkok Bank shed 0.68 percent, Bangkok Dusit Medical slumped 2.83 percent, Bangkok Expressway improved 0.65 percent, B. Grimm stumbled 2.84 percent, BTS Group advanced 0.82 percent, CP All Public was down 0.40 percent, Charoen Pokphand Foods added 0.31 percent, Energy Absolute plunged 3.79 percent, Gulf gained 0.39 percent, Kasikornbank fell 0.34 percent, Krung Thai Bank retreated 1.44 percent, Krung Thai Card slid 0.53 percent, PTT Oil & Retail dropped 0.69 percent, PTT Exploration and Production skidded 1.19 percent, PTT Global Chemical tumbled 1.94 percent, Siam Commercial Bank lost 0.44 percent, Siam Concrete dipped 0.51 percent, Thai Oil surrendered 2.99 percent, TTB Bank sank 0.57 percent and SCG Packaging, True Corporation, Banpu and PTT were unchanged.

The lead from Wall Street is soft as the major averages opened slightly higher but quickly headed south and stayed in the red, finishing with modest losses.

The Dow stumbled 382.15 points or 0.86 percent to finish at 43,910.98, while the NASDAQ slipped 17.36 points or 0.09 percent to close at 19,281.40 and the S&P 500 sank 17.36 points or 0.29 percent to end at 5,983.99.

The pullback on Wall Street reflected profit taking as some traders looked to cash in on the recent strength in the markets following the U.S. elections.

Also, traders seemed reluctant to make more significant moves ahead of the highly anticipated report on consumer price inflation, due out later today.

Oil prices edged up only a bit on Tuesday after OPEC lowered its global oil demand forecast for 2025, while the dollar's continued strength hurt as well. West Texas Intermediate Crude oil futures for December rose $0.08 at $68.12 a barrel.