Thai Stock Market May See Renewed Selling Pressure

(RTTNews) - The Thai stock market has alternated between positive and negative finishes through the last seven trading days since the end of the two-day slide in which it had tumbled almost 40 points or 3.2 percent. The Stock Exchange of Thailand now sits just above the 1,185-point plateau although it figures to head south again on Wednesday.

The global forecast for the Asian markets remains negative on concerns over tariff and on the health of the world's economy. The European and U.S. markets were down again and the Asian bourses are expected to open in similar fashion.

The SET finished modestly higher on Tuesday following gains from the food, consumer, finance, industrial, property, resource and service sectors.

For the day, the index advanced 10.19 points or 0.87 percent to finish at 1,187.63 after trading between 1,160.99 and 1,189.40. Volume was 9.778 billion shares worth 49.570 billion baht. There were 320 gainers and 165 decliners, with 178 stocks finishing unchanged.

Among the actives, Advanced Info increased 0.75 percent, while Thailand Airport expanded 5.16 percent, Asset World gained 0.68 percent, Banpu jumped 1.85 percent, Bangkok Bank rose 0.34 percent, Bangkok Dusit Medical picked up 2.63 percent, Bangkok Expressway stumbled 2.48 percent, B. Grimm rallied 5.17 percent, CP All Public gathered 1.98 percent, Charoen Pokphand Foods retreated 1.23 percent, Energy Absolute accelerated 6.50 percent, Gulf climbed 1.03 percent, Kasikornbank strengthened 1.69 percent, Krung Thai Bank improved 1.33 percent, Krung Thai Card added 0.53 percent, PTT Oil & Retail was up 0.93 percent, PTT sank 0.88 percent, PTT Exploration and Production and True Corporation both advanced 0.92 percent, PTT Global Chemical skyrocketed 9.64 percent, SCG Packaging surged 6.29 percent, Siam Commercial Bank collected 1.63 percent, Siam Concrete soared 5.50 percent, Thai Oil spiked 3.83 percent and TTB Bank and BTS Group were unchanged.

The lead from Wall Street remains soft as the major averages opened mixed but trended generally lower throughout the day before ending in the red.

The Dow tumbled 478.23 points or 1.14 percent to finish at 41,433.48, while the NASDAQ shed 32.23 points or 0.18 percent to close at 17,436.10 and the S&P 500 sank 42.49 points or 0.76 percent to end at 5,572.07.

Stocks tumbled as trade war concerns have escalated with the U.S. and Canada slapping tariffs on each other's goods.

Markets now await U.S. reports on consumer and producer price inflation, as well as readings on consumer sentiment and inflation expectations this week for further direction.

Oil prices climbed higher on Tuesday, bouncing back fairly well on a weaker dollar after dropping to six-month lows in the previous session. West Texas Intermediate Crude oil futures for April added $0.22 or 0.3 percent at $66.25 a barrel.