Thai Stock Market May Take Further Damage On Tuesday

(RTTNews) - The Thai stock market has tracked lower in two straight sessions, slipping more than 6 points or 0.4 percent along the way. The Stock Exchange of Thailand now sits just shy of the 1,490-point plateau and it's looking at another soft start again on Tuesday.

The global forecast for the Asian markets is negative with profit taking likely for many of the regions. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.

The SET finished slightly lower on Monday as losses from the industrials, technology stocks and properties were offset by support from the resource and financial sectors.

For the day, the index eased 1.08 points or 0.07 percent to finish at 1,488.74 after trading between 1,482.75 and 1,494.67. Volume was 9.827 billion shares worth 41.652 billion baht. There were 265 decliners and 207 gainers, with 191 stocks finishing unchanged. Among the actives, Advanced Info improved 0.71 percent, while Thailand Airport was down 0.39 percent, Asset World slid 0.53 percent, Bangkok Bank fell 0.32 percent, Bangkok Dusit Medical jumped 1.72 percent, Bangkok Expressway increased 0.61 percent, BTS Group rallied 0.88 percent, CP All Public slumped 0.74 percent, Charoen Pokphand Foods advanced 0.97 percent, Energy Absolute declined 1.79 percent, Gulf added 0.73 percent, Kasikornbank dropped 0.99 percent, Krung Thai Bank lost 0.47 percent, PTT Oil & Retail sank 0.60 percent, PTT gained 0.74 percent, PTT Exploration and Production dipped 0.39 percent, PTT Global Chemical skidded 0.98 percent, Siam Commercial Bank soared 3.64 percent, Siam Concrete shed 0.47 percent, Thai Oil tanked 2.62 percent, True Corporation retreated 1.68 percent, TTB Bank collected 0.55 percent and Krung Thai Card, SCG Packaging, Banpu and B. Grimm were unchanged.

The lead from Wall Street is mixed to soft as the major averages opened lower on Monday and largely stayed that way, although the NASDAQ broke into the green late in the day.

The Dow stumbled 344.25 points or 0.80 percent to finish at 42,931.25, while the NASDAQ gained 50.45 points or 0.27 percent to close at 18,540.01 and the S&P 500 fell 10.69 points or 0.18 percent to end at 5,853.98.

The mixed performance on Wall Street came as profit taking brought the Dow down from a record closing high, while tech shares boosted the NASDAQ to a three-month closing high.

Overall trading activity was relatively subdued as traders looked ahead to the release of a slew of corporate earnings news from big-name companies later this week.

In economic news, the Conference Board said its reading on leading U.S. economic indicators fell by more than expected in the month of September.

Oil prices moved higher on Monday on possible disruptions in supplies due to escalating tensions in the Middle East. West Texas Intermediate Crude oil futures for November ended up by $1.34 or 1.94 percent at $70.56 a barrel.