Thai Stock Market May Extend Losing Streak

(RTTNews) - The Thai Stock market has moved lower in back-to-back sessions, sinking more than 20 points or 1.5 percent along the way. The Stock Exchange of Thailand now sits just above the 1,460-point plateau and it may take further damage again on Friday.

The global forecast for the Asian markets is soft on surging crude oil prices that correspond with tensions in the Middle East. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to open lower.

The SET finished sharply lower on Thursday following losses from the food, finance, industrial, property, resource, service and technology sectors.

For the day, the index stumbled 18.39 points or 1.24 percent to finish at 1,461.35 after trading between 1,452.36 and 1,476.84. Volume was 8.848 billion shares worth 66.513 billion baht. There were 334 decliners and 128 gainers, with 188 stocks finishing unchanged.

Among the actives, Advanced Info skidded 1.15 percent, while Thailand Airport climbed 0.91 percent, Asset World plummeted 4.59 percent, Banpu advanced 0.92 percent, Bangkok Bank declined 1.23 percent, Bangkok Dusit Medical fell 0.54 percent, Bangkok Expressway and BTS Group both crashed 1.85 percent, CP All Public shed 1.09 percent, Charoen Pokphand Foods retreated 1.53 percent, Energy Absolute tanked 2.92 percent, Gulf stumbled 3.43 percent, Kasikornbank collected 1.32 percent, Krung Thai Card contracted 1.67 percent, PTT Oil & Retail sank 0.83 percent, PTT improved 0.72 percent, PTT Exploration and Production spiked 2.43 percent, PTT Global Chemical rallied 1.40 percent, SCG Packaging plunged 4.27 percent, Siam Commercial Bank tumbled 2.23 percent, Siam Concrete cratered 8.15 percent, Thai Oil slumped 1.66 percent, TTB Bank dropped 0.89 percent and Krung Thai Bank, True Corporation and B. Grimm were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Thursday, dipped midday before ticking higher but still finished in the red.

The Dow dropped 179.71 points or 0.36 percent to finish at 49,310.32, while the NASDAQ sank 219.06 points or 0.89 percent to end at 24,438.50 and the S&P 500 lost 29.50 points or 0.41 percent to close at 7,108.40.

Profit taking contributed to the early weakness on Wall Street following Wednesday's rally, which sent the NASDAQ and S&P to record closing highs.

A steep drop by shares of IBM Corp. (IBM) also weighed on the markets, after the tech giant reported better than expected first quarter earnings but failed to raise its full-year guidance.

Concerns about a re-escalation of the U.S.-Iran war also weighed on the markets after President Donald Trump said he has ordered the Navy to "shoot and kill any boat" that is putting mines in the waters of the Strait of Hormuz.

Crude oil prices surged on Thursday as the Strait of Hormuz remains closed, keeping oil supply concerns elevated. West Texas Intermediate crude for June was up $2.49 or 2.68 percent at $95.45 per barrel.