Thai Stock Market Tipped To Open In The Red On Friday

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(RTTNews) – The Thai stock market on Thursday snapped the five-day winning streak in which it had advanced more than 40 points or 2.4 percent. The Stock Exchange of Thailand now sits just beneath the 1,655-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets suggests further consolidation on interest rate concerns and ahead of U.S. employment data, although support from crude oil prices should limit the downside. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

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

For the day, the index tumbled 23.76 points or 1.42 percent to finish at the daily low of 1,653.03 after peaking at 1,666.22. Volume was 30.731 billion shares worth 106.477 billion baht. There were 1,467 decliners and 392 gainers, with 288 stocks finishing unchanged. Among the actives, Advanced Info retreated 2.21 percent, while Thailand Airport skidded 2.02 percent, Asset World plunged 4.20 percent, Banpu advanced 0.92 percent, Bangkok Bank dropped 1.98 percent, Bangkok Dusit Medical sank 1.32 percent, Bangkok Expressway declined 1.75 percent, BTS Group surrendered 1.65 percent, CP All Public tumbled 2.09 percent, Charoen Pokphand Foods gained 0.94 percent, Energy Absolute eased 0.25 percent, Gulf stumbled 1.59 percent, IRPC weakened 1.51 percent, Kasikornbank slumped 2.40 percent, KCE Electronics plummeted 5.08 percent, Krung Thai Bank shed 1.46 percent, Krung Thai Card gave away 2.06 percent, PTT Oil & Retail tanked 3.67 percent, PTT lost 2.56 percent, PTT Exploration and Production slid 0.83 percent, PTT Global Chemical dropped 2.48 percent, SCG Packaging tumbled 3.32 percent, Siam Commercial Bank sank 1.97 percent, Siam Concrete declined 1.55 percent, True Corporation skidded 1.28 percent and TTB Bank stumbled 2.76 percent.

The lead from Wall Street ends up being soft as the major averages opened a bit higher on Thursday and then hugged both sides of the unchanged line before ending slightly lower.

The Dow dropped 170.64 points or 0.47 percent to finish at 36,236.47, while the NASDAQ lost 19.31 points or 0.13 percent to close at 15,080.87 and the S&P 500 fell 4.53 points or 0.10 percent to end at 4,696.05.

The choppy trading on Wall Street reflected continued uncertainty in reaction to the minutes of Wednesday’s Federal Reserve meeting. The minutes of the Fed’s December meeting had a hawkish tone, suggesting the central bank will more aggressive in tightening monetary policy.

Traders may also have been reluctant to continue making significant moves ahead of the closely watched monthly jobs report later today.

In economic news, the Labor Department noted a modest increase in first-time claims for U.S. unemployment benefits last week. Also, the Institute for Supply Management said U.S. service sector growth slowed from a record high in December.

Crude oil prices moved sharply higher Thursday, lifted by rising unrest in Kazakhstan and supply outages in Libya. Hopes that the Omicron variant of the coronavirus will not significantly impact global oil demand also contributed to the increase in prices. West Texas Intermediate Crude oil futures for February ended higher by $1.61 or 2.1 percent at $79.46 a barrel.