Soft start expected for Thai stock market

The Thai stock market has fallen lower in back-to-back sessions, falling nearly 15 points, or 0.9 percent, along the way. The Stock Exchange of Thailand now rests just above the 1,625-point plateau and is expected to reopen under pressure on Monday.

The global forecast for the Asian markets is mixed to ease on concerns about an economic slowdown and a rise in interest rates. The European markets were mixed and the US markets were sharply lower and the Asian markets share the difference.

The SET ended modestly lower on Friday after losses in financial stocks and mixed performance from energy producers.

For the day, the index lost 10.15 points or 0.62 percent to end at 1,625.92 after trading between 1,623.69 and 1,638.75. The volume amounted to 19.299 billion shares worth 70.952 billion baht.

Among the actives, Advanced Info fell 2.00 percent, while Asset World rose 0.92 percent, Bangkok Bank fell 0.36 percent, B. Grimm plunged 4.49 percent, Energy Absolute rose 0.30 percent, Gulf 1.01 percent slipped, IRPC fell 1.14 percent, Krung Thai Bank lost 0.61 percent, Krung Thai Card lost 0.42 percent, PTT Oil & Retail fell 1.85 percent, PTT fell 0.67 percent, PTT Exploration and Production rose 1.61 percent, PTT Global Chemical fell 1.58 percent, SCG Packaging fell 0.85 percent, Siam Commercial Bank collapsed 2.78 percent, Siam Concrete fell 0.55 percent, Thai Oil improved 0.88 percent, True Corporation gained 0.41 percent, TTB Bank fell 0.82 percent and Thailand Airport, Banpu, Bangkok Dusit Medical, Bangkok Expressway, BTS Group, CP All Public, Charoen Pokphand Foods and Kasikornbank were unchanged.

Wall Street’s lead is generally negative as the big averages opened sharply lower on Friday and remained deep in the red throughout the session.

The Dow fell 292.26 points or 0.86 percent to end at 33,706.74, while the NASDAQ plunged 260.08 points or 2.01 percent to close at 12,705.21 and the S&P 500 fell 55.26 points. or 1.29 percent to end at 4,228.48. For the week, the NASDAQ plunged 2.6 percent, the S&P fell 1.2 percent and the Dow fell 0.2 percent.

The weakness on Wall Street came as traders tried to take advantage of recent strength in the markets, which lifted key averages well from their June lows to their best levels in nearly four months.

Traders may also have taken money out of stocks ahead of this week’s economic symposium in Jackson Hole, Wyoming. Comments by Federal Reserve officials at the annual symposium are likely to draw attention as traders look for additional clues about the pace of future rate hikes.

Oil futures were slightly higher on Friday, but posted a weekly loss on concerns about the outlook for energy demand amid fears of a possible recession in Europe. West Texas Intermediate crude futures for September were up $0.27 or 0.3 percent to $90.77 a barrel.

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