Thai Stock Market Tipped To Open Under Pressure

(RTTNews) - The Thai stock market on Thursday snapped the two-day winning streak in which it had gathered almost a dozen points or 0.8 percent. The Stock Exchange of Thailand now rests just beneath the 1,425-point plateau and it's looking at another soft start again on Friday.

The global forecast for the Asian markets is negative on rising concerns about the outlook for interest rates and ongoing geopolitical risks. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The SET finished sharply lower on Thursday following losses from the financials, industrials, technology stocks and energy companies.

For the day, the index dropped 14.81 points or 1.03 percent to finish at 1,423.04 after trading between 1,419.39 and 1,428.75. Volume was 10.704 billion shares worth 36.501 billion baht. There were 334 decliners and 139 gainers, with 172 stocks finishing unchanged.

Among the actives, Advanced Info gained 0.44 percent, while Thailand Airport dipped 1.09 percent, Asset World shed 0.56 percent, Banpu retreated 1.86 percent, Bangkok Bank collected 0.60 percent, Bangkok Dusit Medical was down 1.82 percent, Bangkok Expressway eased 0.61 percent, B. Grimm plummeted 4.08 percent, BTS Group gave away 0.66 percent, CP All Public slid 1.75 percent, Charoen Pokphand Foods tanked 2.11 percent, Energy Absolute declined 1.58 percent, Gulf dove 2.22 percent, Krung Thai Bank skidded 1.03 percent, Krung Thai Card surrendered 2.14 percent, PTT Oil & Retail weakened 1.63 percent, PTT lost 1.47 percent, PTT Exploration and Production slumped 2.00 percent, PTT Global Chemical plunged 2.17 percent, Siam Commercial Bank dropped 0.96 percent, Siam Concrete tumbled 2.03 percent, Thai Oil crashed 2.42 percent, True Corporation sank 0.73 percent, TTB Bank stumbled 1.15 percent and Kasikornbank and SCG Packaging were unchanged.

The lead from Wall Street remains soft as the major averages opened slightly higher on Thursday, bounced back and forth across the unchanged line throughout the session before late weakness nudged them firmly into the red.

The Dow dropped 250.91 points or 0.75 percent to finish at 33,414.17, while the NASDAQ sank 128.13 points or 0.96 percent to end at 13,186.18 and the S&P 500 lost 36.60 points or 0.85 percent to close at 4,278.00.

The volatility on Wall Street came as Federal Reserve Chair Jerome Powell delivered highly anticipated remarks at an Economic Club of New York luncheon. Powell argued that inflation is "still too high" and warned additional monetary policy tightening may be needed.

Treasury yields moved higher following Powell's remarks, extending the upward trend seen over the past few sessions and once again reaching 16-year highs.

In economic news, the Labor Department said initial jobless claims unexpectedly declined to a nearly nine-month low last week.

Crude oil futures settled higher Thursday after early losses, as Israel reportedly prepared to move into Gaza to fight against Hamas. West Texas Intermediate Crude oil futures for November added $1.05 or 1.2 percent at $89.37 a barrel.