The Thai stock market on Tuesday snapped the two-day winning streak in which it had advanced more than 25 points or 1.5 percent along the way. The Stock Exchange of Thailand now rests just above the 1,765-point plateau and the losses may accelerate on Wednesday.
The global forecast for the Asian is slightly soft, with concerns over U.S. treasury yields tempered by support from crude oil. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The SET finished modestly lower on Tuesday following losses from the financial shares and a mixed picture from the energy producers.
For the day, the index slid 6.24 points or 0.35 percent to finish at 1,766.86 after trading between 1,759.22 and 1,774.71. Volume was 15.128 billion shares worth 60.117 billion baht. There were 801 decliners and 531 gainers, with 390 stocks finishing unchanged.
Among the actives, Advanced Info skidded 1.26 percent, while Thailand Airport shed 0.70 percent, Banpu jumped 1.95 percent, Bangkok Bank lost 0.26 percent, Bangkok Medical surged 5.08 percent, Bangkok Expressway spiked 1.25 percent, Charoen Pokphand Foods skyrocketed 6.38 percent, Kasikornbank dipped 0.51 percent, Krung Thai Bank fell 0.58 percent, PTT retreated 0.88 percent, PTT Exploration and Production advanced 1.11 percent, Siam Commercial Bank tumbled 1.47 percent and PTT Global Chemical and Siam Concrete were unchanged.
The lead from Wall Street is negative as stocks moved lower on Tuesday, as profit taking erased gains from previous sessions.
The Dow slumped 193.00 points or 0.78 percent to 24,706.41, the NASDAQ fell 59.69 points or 0.81 percent to 7,351.63 and the S&P 500 slid 18.68 points or 0.68 percent to 2,711.45.
The weakness came when traders reacted to a jump in U.S. treasury yields, with the yield on the benchmark ten-year note surging up to its highest levels since 2011.
In economic news, the Commerce Department said retail sales increased in line with estimates in April. Also, the National Association of Home Builders noted an unexpected improvement in homebuilder confidence in May.
Crude oil futures rose Tuesday, even as U.S. stocks and other commodities melted down. Oil has surged to four-year highs amid speculation that OPEC will continue to cut production. West Texas Intermediate oil for June ended up 35 cents or 0.5 percent to finish at $71.31/bbl.
Closer to home, the central bank in Thailand will wrap up its monetary policy meeting today and then announce its decision on interest rates. The bank is widely expected to keep its benchmark lending rate unchanged at 1.50 percent.
by P2PNews Staff Writer