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Thai Stock Market Expected To Extend Losing Streak

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(RTTNews) – The Thai stock market has finished lower in four straight sessions, plummeting more than 65 points or 5.3 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,210-point plateau and it’s likely to move lower again Tuesday due to the ongoing pro-democracy protests.

The global forecast for the Asian markets is soft on doubts for stimulus to combat the rising number of coronavirus cases. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

The SET finished sharply lower again on Monday, continuing to be weighed by political protests and unrest causing damage across the board.

For the day, the index plunged 24.93 points or 2.02 percent to finish at 1,208.75 after trading between 1,205.61 and 1,223.15. Volume was 22.460 billion shares worth 54.008 billion baht. There were 1,364 decliners and 362 gainers, with 236 stocks finishing unchanged.

Among the actives, Thailand Airport tanked 4.46 percent, while Asset World added 0.64 percent, Bangkok Bank plunged 4.50 percent, Bangkok Dusit Medical fell 1.09 percent, Bangkok Expressway retreated 4.12 percent, BTS Group sank 3.74 percent, Charoen Pokphand Foods dropped 0.95 percent, Kasikornbank surrendered 3.41 percent, Krung Thai Bank plummeted 4.00 percent, PTT shed 0.76 percent, PTT Exploration and Production lost 2.49 percent, PTT Global Chemical slid 2.42 percent, Siam Commercial Bank tumbled 4.33 percent, TMB Bank was down 2.38 percent and Siam Concrete and Advanced Info were unchanged.

The lead from Wall Street is broadly negative as stocks showed a lack of direction early in Monday’s trade but headed firmly south as the day progressed.

The Dow tumbled 410.89 points or 1.44 percent to finish at 28,195.42, while the NASDAQ sank 192.67 points or 1.65 percent to close at 11,478.88 and the S&P 500 dropped 56.89 points or 1.63 percent to end at 3,426.92.

The weakness on Wall Street reflected concerns about whether lawmakers in Washington will reach an agreement on a new stimulus bill, with reports suggesting there remains an array of additional differences that must be addressed in a comprehensive manner in the next 48 hours.

In economic news, the National Association of Homebuilders said that homebuilder confidence climbed to a fresh record high in October versus expectations for no change.

Crude oil futures ended slightly lower on Monday, weighed down by lingering concerns about energy demand outlook due to rising coronavirus cases. West Texas Intermediate crude oil futures for November ended at $40.83 a barrel, down $0.05 or 0.1 percent at $40.83 a barrel.