Thai stock market may take further damage on Monday

(RTTNews) – The Thai stock market turned south again on Friday, one session after breaking the two-day decline in which it was down nearly 20 points, or 1.2 percent. Thailand’s stock market is now just above the 1,650-point plateau and losses could increase on Monday.

The global outlook for Asian markets is soft due to continued concerns over the outlook for interest rates following the recent data set. European markets fell and US stock markets were mixed and Asian markets also opened in the red.

The SET ended slightly lower on Friday after losses in financials and a mixed picture in energy companies.

During the day, the index fell 6.62 points or 0.40 percent to end at 1,651.67 after trading between 1,643.82 and 1,657.02. The volume was 13.275 billion shares worth 53.425 billion baht. There were 1,113 fallers and 427 risers, while 473 stocks ended unchanged.

Among the active, Advanced Info improved 0.95 percent, while Thailand Airport eased 0.34 percent, Asset World rose 1.74 percent, Banpu plummeted 1.80 percent, Bangkok Bank fell 1.23 percent, Bangkok Dusit Medical advanced 0.84 percent, Bangkok Expressway plummeted 3.17 percent, B. Grimm fell 0.61 percent, BTS Group lost 0.61 percent, CP All Public fell 0.38 percent, Charoen Pokphand Foods added 0.44 percent, Energy Absolute gained 0.60 percent, Gulf gained 0.46 percent, Kasikornbank slipped 1.08 percent, Krung Thai Bank retreated 1.18 percent, Krung Thai Card fell 0.43 percent, PTT Oil & Retail fell 0.88 percent, PTT rose 2.29 percent, PTT Exploration and Production lost 0.63 percent, PTT Global Chemical stumbled 1.52 percent, Siam Commercial Bank fell 0.25 percent, Thai Oil rose 0.44 percent, TTB Bank lost 2.16 percent percent and SCG Packaging and Siam Concrete remained unchanged.

Wall Street’s lead is mixed as key averages opened in the red on Friday, although the Dow managed to break into positive territory and finish slightly in the green.

The Dow rose 129.79 points or 0.39 percent to finish at 33,826.69, while the NASDAQ fell 68.53 points or 0.58 percent to close at 11,787.27 and the S&P 500 fell 11.32 points or 0.28 percent to finish at 4,079.09. For the week, the Dow was down 0.1 percent, the NASDAQ was up 0.6 percent and the S&P was down 0.3 percent.

The early weakness on Wall Street reflected lingering concerns about the outlook for interest rates following this week’s series of economic data, leading to concerns that the Federal Reserve could raise rates higher than currently expected.

Recent comments from Fed officials have added to concerns, with some suggesting the central bank could raise rates by another 50 basis points next month.

The attempted recovery came as government bond yields reversed markedly, with the benchmark 10-year yield falling from its highest level in more than a month.

Crude oil prices fell sharply on Friday, extending the recent streak of losses to four days as traders worried about the impact of interest rate hikes on energy demand. West Texas Intermediate fell $2.15, or 2.7 percent, to $76.34 a barrel. For the week, oil fell 4.2 percent.

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