Continued consolidation predicted for Thai stock market
(RTTNews) – Thailand’s stock market has finished lower on two of the three trading days since ending the three-day winning streak in which it advanced more than 30 points or 1.9%. The Stock Exchange of Thailand is now just above the plateau of 1,670 points and should reopen in the red on Monday.
The overall forecast for Asian markets is continued volatility with a downward bias thanks to the ongoing Russian invasion of Ukraine. European and American markets were down and Asian markets are expected to open similarly.
The SET ended sharply lower on Friday with damage across the board – especially among financial stocks and energy producers.
For the day, the index fell 24.36 points or 1.44% to end at 1,671.72 after trading between 1,671.70 and 1,689.89. The volume was 29.754 billion shares worth 87.712 billion baht. There were 1,608 declines and 354 gains, with 371 stocks remaining unchanged.
Among assets, Advanced Info fell 2.52%, while Thailand Airport fell 1.16%, Banpu fell 6.40%, Bangkok Bank fell 1.10%, Bangkok Dusit Medical lost 0.81%, Bangkok Expressway lost 2.22%, BTS Group and Siam Concrete both weakened 1.04%. , CP All Public fell 1.82%, Charoen Pokphand Foods stumbled 2.21%, Energy Absolute slipped 1.10%, Gulf fell 1.49%, IRPC fell 2.65% , Kasikornbank slipped 0.62%, Krung Thai Bank lost 0.72%, PTT cratred 3.75%, PTT Global Chemicals weakened 1.94%, SCG Packaging lost 1.76 %, Siam Commercial Bank fell 2.02%, True Corporation fell 1.39%, TTB Bank fell 2.21% and Asset World, PTT Oil & Retail and PTT Exploration and Production remained unchanged.
Wall Street’s lead is weak as major averages opened lower on Friday and remained solidly in the red throughout the session.
The Dow Jones lost 179.90 points or 0.53% to end at 33,614.80, while the NASDAQ fell 224.46 points or 1.66% to close at 13,313.44 and the S&P fell down 34.62 points or 0.79% to end at 4,328.87. For the week, the NASDAQ plunged 2.8% and the Dow Jones and S&P both fell 1.3%.
Wall Street’s weakness came as concerns over the impact of Russia’s invasion of Ukraine continued to weigh on markets, with Russia stepping up its attacks and taking control of Ukraine’s nuclear power plant in Zaporizhzhia, the most largest nuclear power plant in Europe.
Concerns over Ukraine overshadowed the Labor Department report which showed US employment jumped again much more than expected in February.
Crude oil prices rose sharply on Friday as concerns over supply disruptions grew amid an escalating Russia-Ukraine conflict. West Texas Intermediate crude oil futures for April rose $8.01, or about 7.4%, to $115.68 a barrel, the highest settlement since September 2008. WTI crude soared 26.3% for the week, the biggest percentage rise since the week ending April 3. , 2020.
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