Thai Stock Market Tipped To Open In The Red

(RTTNews) - The Thai stock market has moved lower in three straight sessions, slipping more than 15 points or 1 percent along the way. The Stock Exchange of Thailand now rests just below the 1,530-point plateau and it's looking at another soft start again on Wednesday.

The global forecast for the Asian markets suggests consolidation on concerns over interest rates and possible recession. The European and U.S. markets were firmly lower and the Asian markets are tipped to follow that lead.

The SET finished barely lower on Tuesday following mixed performances from the financial shares, resource stocks, service companies and technology issues.

For the day, the index eased 0.69 points or 0.05 percent to finish at 1,528.43. Volume was 12.869 billion shares worth 39.984 billion baht. There were 982 decliners and 378 gainers, with 439 stocks finishing unchanged.

Among the actives, Thailand Airport gathered 0.34 percent, while Banpu skidded 1.10 percent, Bangkok Bank and Siam Concrete both gained 0.64 percent, Bangkok Expressway tanked 2.26 percent, B. Grimm sank 0.65 percent, BTS Group increased 0.65 percent, CP All Public fell 0.39 percent, Charoen Pokphand Foods strengthened 1.48 percent, Energy Absolute tumbled 1.85 percent, Gulf improved 0.49 percent, Kasikornbank rallied 2.00 percent, Krung Thai Bank collected 0.56 percent, Krung Thai Card lost 0.47 percent, PTT Oil & Retail rose 0.45 percent, PTT Exploration and Production perked 0.34 percent, PTT Global Chemical shed 0.60 percent, SCG Packaging added 0.57 percent, Siam Commercial Bank dropped 0.97 percent, Thai Oil climbed 1.08 percent, True Corporation spiked 1.89 percent and TTB Bank, Asset World, PTT, Bangkok Dusit Medical and Advanced Info were unchanged.

The lead from Wall Street is broadly negative as the major averages opened lower and moved deeper into the red as the day progressed, ending near session lows.

The Dow tumbled 367.17 points or 1.08 percent to finish at 33,684.17, while the NASDAQ sank 132.09 points or 1.08 percent to end at 12,080.51 and the S&P 500 dropped 48.29 points or 1.16 percent to close at 4,119.58.

The sell-off on Wall Street came as some traders looked to cash in on recent strength in the markets ahead of the Federal Reserve's monetary policy announcement later today.

With the Fed widely expected to raise interest rates by another 25 basis points, traders will pay close attention to the accompanying statement for clues about the outlook for rates.

Concerns about lawmakers' struggles to reach an agreement on raising the U.S. debt ceiling also weighed on Wall Street. U.S. Treasury Secretary Janet Yellen has warned the Treasury might run out of money to cover obligations by June 1.

In economic news, the Commerce Department said new orders for U.S. manufactured goods increased more than expected in March. Also, the Labor Department showed job openings in the U.S. fell more than expected in March.

Crude oil prices tumbled on Tuesday on concerns about the outlook for energy demand amid fears of a potential recession in the U.S. West Texas Intermediate Crude oil futures for June ended lower by $4.00 or 5.3 percent to $71.66 a barrel, the lowest close since March 24.

Closer to home, Thailand will see April figures for consumer prices later today, with forecasts suggesting an annual increase of 2.7 percent for overall inflation and 1.7 percent for core CPI.