Lower Open Predicted For Thai Stock Market

(RTTNews) - The Thai stock market had alternated between positive and negative finishes through the last eight trading days since the end of the three-day slide in which it had fallen more than a dozen points or 0.7 percent. The Stock Exchange of Thailand now sits just above the 1,620-point plateau and the losses may accelerate on Wednesday.

The global forecast for the Asian markets is soft due to concerns over inflation and crude oil prices. The European and U.S. markets were down and the Asian markets figure to follow suit.

The SET finished modestly lower on Tuesday as losses from the food, finance and technology sectors were mitigated by support from the consumer, industrial and resource stocks.

For the day, the index fell 4.82 points or 0.30 percent to finish at 1,621.62 after trading between 1,617.37 and 1,626.26. Volume was 12.913 billion shares worth 83.308 billion baht. There were 248 gainers and 210 decliners, with 195 stocks finishing unchanged.

The lead from Wall Street is negative as the major averages opened lower on Tuesday and remained in the red throughout the session, ending at session lows.

The Dow shed 116.38 points or 0.22 percent to finish at 53,343.40, while the NASDAQ dropped 355.20 points or 1.33 percent to end at 26,289.71 and the S&P 500 sank 53.30 points or 0.69 percent to close at 7,691.76.

The weakness on Wall Street came amid worries about an increase in bond yields, with the 30-year bond yield reaching its highest levels in nearly two decades before easing. Treasury yields have moved to the upside amid lingering concerns about the outlook for inflation due to the ongoing conflict in the Middle East.

Crude oil prices have extended the surge seen over the two previous sessions after President Donald Trump said there are currently no U.S.-Iran talks taking place or scheduled.

Crude oil prices edged higher on Tuesday as hopes for U.S.-Iran talks over the Strait of Hormuz have faded. West Texas Intermediate crude for September delivery was up $0.39 or 0.46 percent at $84.89 per barrel.

In U.S. economic news, the Federal Reserve said industrial production in the U.S. rose by slightly less than expected in the month of July.