Renewed selling pressure expected for Thai stock market

(RTTNews) – The Thai stock market rebounded on Thursday, a day after ending a two-day winning streak in which it had gained more than a dozen points or 0.7%. The Thailand Stock Exchange is now just above the 1,645 point plateau, although it is heading south again on Friday.

Global forecasts for Asian markets are mixed to lower, with profit taking – especially among tech stocks – fueling a downward correction after strong gains a day earlier. European markets were up and US stock markets were down and Asian markets are expected to follow this latest trend.

SET ended sharply higher on Thursday following strong gains from financial stocks and energy producers.

For the day, the index climbed 21.66 points or 1.33% to end at 1,645.32 after trading between 1,624.31 and 1,645.44. The volume was 29.058 billion shares worth 89.098 billion baht. There were 1,016 winners and 588 losers, with 561 shares ending unchanged.

Among assets, Advanced Info gained 0.92%, while Thailand Airport lost 0.41%, Bangkok Bank grew 2.94%, Bangkok Dusit Medical jumped 1.78%, BTS Group added 0.53%, CP All Public climbed 1.28%, Charoen Pokphand Foods and PTT Exploration and Production both increased 0.84%, Energy Absolute climbed 15.29%, Gulf climbed 4.27%, IRPC improved 1.58%, Kasikornbank increased 3.25%, Krung Thai Bank jumped 4.84%, Krung Thai Card increased 0.88%, PTT Oil & Retail increased by 1.98%, PTT Global Chemical gained 1.72%, SCG Packaging increased by 0.78%, Siam Commercial Bank collected 3.23%, Siam Concrete gained 1 , 07%, True Corporation rose 0.43%, TTB Bank accelerated 4.58%, and Bangkok Expressway and PTT remained unchanged.

Wall Street’s lead is negative as major averages opened slightly higher on Thursday, but quickly declined, falling to session lows at the close.

The Dow Jones lost 29.79 points or 0.08% to close at 35,897.64, while the NASDAQ fell 385.15 points or 2.47% to close at 15,180.43 and the S&P 500 fell. lost 41.18 points or 0.87% to finish at 4,668.67.

Wall Street’s pullback came as traders continued to digest the Federal Reserve’s monetary policy announcement on Wednesday, which was to step up the pace of its asset purchases cut and forecast up to three rate hikes. interest next year.

While some stocks benefited from reduced uncertainty about the outlook for monetary policy, high-growth tech stocks fell sharply amid concerns about the impact of rising interest rates.

In economic news, the Labor Department noted a modest rebound in first jobless claims last week, while the Fed also said U.S. industrial production grew less than expected in November. Additionally, the Commerce Department said housing starts and building permits both rose much more than expected last month.

Crude oil futures stabilized higher on Thursday, thanks to data showing increased demand for energy in the United States and a larger-than-expected decline in U.S. crude inventories last week. West Texas Intermediate crude oil futures for January ended up $ 1.51 or 2.1% at $ 72.38 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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