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More Pain Predicted For Thai Stock Market

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(RTTNews) – The Thai stock market has finished lower in back-to-back trading days, sinking almost 10 points or 0.6 percent along the way. The Stock Exchange of Thailand now sits just shy of the 1,210-point plateau and it’s expected to open in the red again on Tuesday.

The global forecast for the Asian markets is broadly negative thanks to a renewed surge in coronavirus cases and lockdown measures around the globe. The European and U.S. markets were sharply lower and the Asian markets are tipped to open in similar fashion.

The SET finished modestly lower on Monday as losses from the financial shares and energy producers were mitigated by support from the cement companies.

For the day, the index shed 5.64 points or 0.46 percent to finish at 1,207.97 after trading between 1,205.81 and 1,215.79. Volume was 17.891 billion shares worth 41.590 billion baht. There were 1,020 decliners and 403 gainers, with 432 stocks finishing unchanged.

Among the actives, Advanced Info gained 0.88 percent, while Thailand Airport shed 0.46 percent, Asset World tumbled 1.33 percent, Bangkok Bank dropped 1.06 percent, Bangkok Dusit Medical lost 0.56 percent, Bangkok Expressway skidded 1.20 percent, BTS Group tanked 2.70 percent, Kasikornbank sank 1.00 percent, PTT Exploration and Production plunged 2.15 percent, PTT Global Chemical fell 0.62 percent, Siam Commercial Bank slid 0.38 percent, Siam Concrete jumped 1.49 percent and TMB Bank, Charoen Pokphand Foods, Krung Thai Bank and PTT were unchanged.

The lead from Wall Street is bleak as stocks opened firmly lower on Monday and saw the losses accelerate as the day progressed – extending last week’s losses.

The Dow plummeted 649.93 points or 2.29 percent to finish at 27,685.64, while the NASDAQ dropped 189.34 points or 1.64 percent to end at 11,358.94 and the S&P 500 sank 64.42 points or 1.86 percent to close at 3,400.97.

The sell-off on Wall Street comes amid concerns about a record resurgence in coronavirus cases, while White House officials say the pandemic can’t be controlled and the administration would instead focus on vaccines and therapeutics.

The spike in new coronavirus cases comes as lawmakers in Washington remain at an impasse over a new stimulus bill. Negotiations continue, but traders appear pessimistic that an agreement on a new relief package will be reached before next week’s elections.

Adding to the negative sentiment, the Commerce Department reported an unexpected slump in new home sales last month.

Crude oil prices moved lower in response to the bad news, with West Texas Intermediate sinking $1.17 or 2.94 percent to $38.55.