Losing Streak May Continue For Thai Stock Market

(RTTNews) - The Thai stock market has finished lower in two straight sessions, giving up almost 5 points or 0.3 percent in that span. The Stock Exchange of Thailand now sits just beneath the 1,590-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets is soft, with profit taking on the docket after a few days of solid gains. The European markets were up and the U.S. bourses were mostly lower and the Asian markets are expected to follow the latter lead.

The SET finished slightly lower on Tuesday as losses from the consumer, technology and resource companies were offset by support from the finance, industrial and service sectors.

For the day, the index slipped 3.67 points or 0.23 percent to finish at 1,588.05 after trading between 1,583.96 and 1,596.23. Volume was 9.605 billion shares worth 67.471 billion baht. There were 233 gainers and 209 decliners, with 221 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.56 percent, while Thailand Airport and TTB Bank both strengthened 1.69 percent, Asset World soared 2.33 percent, Bangkok Bank jumped 1.74 percent, Bangkok Dusit Medical gathered 0.55 percent, Bangkok Expressway spiked 1.75 percent, B. Grimm gained 1.22 percent, BTS Group was up 0.97 percent, CP All Public elevated 1.09 percent, Charoen Pokphand Foods climbed 1.06 percent, Energy Absolute tumbled 1.97 percent, Gulf slumped 1.15 percent, Kasikornbank vaulted 1.98 percent, Krung Thai Bank collected 0.70 percent, Krung Thai Card rallied 1.55 percent, PTT Oil & Retail added 0.82 percent, PTT rose 0.71 percent, PTT Global Chemical improved 1.56 percent, SCG Packaging advanced 1.00 percent, Siam Commercial Bank expanded 1.79 percent, Siam Concrete increased 1.24 percent, Thai Oil lost 0.57 percent and True Corporation, Banpu and PTT Exploration and Production were unchanged.

The lead from Wall Street is mixed to lower as the major averages opened higher on Tuesday but only the Dow was able to hold on to its gains as the markets finished mixed.

The Dow rallied 328.64 points or 0.64 percent to finish at a record 51,999.67, while the NASDAQ dropped 307.60 points or 1.15 percent to end at 26,376.34 and the S&P 500 sank 42.94 points or 0.57 percent to close at 7,511.35.

The pullback by the NASDAQ and the S&P 500 reflected profit taking following recent strength in the markets. Optimism about an end to the monthslong U.S.-Iran contributed to the recent recovery, but some traders cashed in on gains as they wait for the peace deal to be finalized.

The mixed performance on Wall Street also came as traders looked ahead to the Federal Reserve's monetary policy announcement later today. The Fed is widely expected to leave interest rates unchanged, but the accompanying statement and new Chair Kevin Warsh's post-meeting comments could impact the outlook for rates.

On the inflation front, a report released by the Labor Department showed import prices in the U.S. shot up by much more than expected in the month of May.

Crude oil prices plummeted on Tuesday as transit disruption concerns faded due to the anticipated U.S.-Iran deal. West Texas Intermediate crude for July delivery was down $4.90 or 6.07 percent at $75.85 per barrel.