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Thai Stock Market May Slip Below 1,700-Point Level

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The Thai stock market has moved lower in consecutive trading days, retreating almost 25 points or 1.4 percent along the way. The Stock Exchange of Thailand now rests just above the 1,705-point plateau and it may take further damage again on Wednesday.

The global forecast for the Asian markets suggests mild consolidation ahead of the Federal Reserve's announcement on interest rates later today. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.

The SET finished modestly lower on Tuesday following losses from the financial shares and the energy producers.

For the day, the index sank 11.48 points or 0.67 percent to finish at 1,706.49 after trading between 1,704.03 and 1,722.20. Volume was 17.741 billion shares worth 55.570 billion baht. There were 1,329 decliners and 381 gainers, with 379 stocks finishing unchanged.

Among the actives, Advanced Info added 0.47 percent, while Thailand Airport rose 0.35 percent, Banpu skidded 1.38 percent, Bangkok Bank tumbled 1.62 percent, Bangkok Medical lost 0.80 percent, Bangkok Expressway dropped 0.94 percent, BTS Group plunged 3.20 percent, Charoen Pokphand Foods sank 0.91 percent, Kasikornbank retreated 1.43 percent, Krung Thai Bank shed 0.51 percent, PTT Exploration and Production gained 0.75 percent, PTT Global Chemical fell 0.82 percent, Siam Commercial Bank surrendered 1.10 percent, Siam Concrete slid 1.36 percent, TMB Bank was down 1.05 percent and PTT was unchanged.

The lead from Wall Street is soft as stocks opened firmly in the red on Tuesday. They showed a modest recovery as the day progressed but still finished in negative territory.

 

The Dow shed 23.33 points or 0.09 percent to 27,198.02, while the NASDAQ lost 19.71 points or 0.24 percent to 8,273.61 and the S&P 500 fell 7.79 points or 0.26 percent to 3,013.18.

The weakness on Wall Street reflected concerns about U.S.-China trade talks after President Donald Trump lashed out at China on Twitter, suggesting that the Chinese are hoping to wait out the U.S. presidential election to get a better deal.

Selling pressure waned shortly after the start of trading, however, as traders seemed reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement later today. The Fed is expected to cut interest rates by at least 25 basis points in a proactive move to offset the negative effects of the U.S.-China trade war.

Crude oil futures rose sharply on Tuesday, as traders awaited the Federal Reserve's monetary policy statement and weekly crude inventory data. West Texas Intermediate crude oil futures for September ended up $1.18 or 2.1 percent at $58.05 a barrel.

Closer to home, Thailand will see June numbers for imports, exports and trade balance later today. In May, imports were worth $19.38 billion and exports were at $20.78 billion for a trade surplus of $1.40 billion.

 

 


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