Lower Open Expected For Thai Stock Market

(RTTNews) - Ahead of Tuesday's holiday for Makha Bucha Day, the Thai stock market had moved lower in two straight sessions, crashing almost 70 points or 4.4 percent in that span. The Stock Exchange of Thailand now sits just above the 1,460-point plateau and it may extend its losses on Wednesday.

The global forecast for the Asian markets is negative on continuing concerns over the conflict in the Middle East, although oil stocks are expected to continue to soar. The European and U.S. markets were down and the Asian markets are expected to follow that lead.

The SET finished with heavy losses on Monday following losses from the goof, consumer, finance, industrial, property, resource, service and technology sectors.

For the day, the index plummeted 61.75 points or 4.04 percent to finish at the daily low of 1,466.51 after trading as high as 1,515.99. Volume was 16.108 billion shares worth 113.077 billion baht. There were 538 decliners and 58 gainers, with 72 stocks finishing unchanged.

Among the actives, Advanced Info plunged 3.95 percent, while Thailand Airport declined 5.50 percent, Asset World crashed 9.60 percent, Banpu shed 2.63 percent, Bangkok Bank contracted 1.97 percent, Bangkok Dusit Medical dropped 4.61 percent, Bangkok Expressway retreated 5.56 percent, B. Grimm cratered 11.11 percent, BTS Group tanked 8.40 percent, CP All Public lost 3.38 percent, Charoen Pokphand Foods retreated 2.86 percent, Energy Absolute plummeted 11.92 percent, Gulf stumbled 7.26 percent, Kasikornbank surrendered 1.99 percent, Krung Thai Bank tumbled 2.19 percent, Krung Thai Card cratered 5.26 percent, PTT Oil & Retail crashed 7.46 percent, PTT fell 0.68 percent, PTT Exploration and Production surged 3.65 percent, PTT Global Chemical plunged 6.19 percent, SCG Packaging plummeted 7.77 percent, Siam Commercial Bank declined 1.68 percent, Siam Concrete tanked 3.56 percent, Thai Oil sank 4.11 percent, True Corporation dropped 3.45 percent and TTB Bank stumbled 2.54 percent.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and spent the entire session in the red, although closing at their best levels for the day.

The Dow stumbled 403.51 points or0.83 percent to finish at 48,501.27, while the NASDAQ sank 232.17 points or 1.02 percent to end at 22,516.69 and the S&P 500 dropped 64.99 points or 0.94 percent to close at 6,816.63.

The early nosedive on Wall Street came amid concerns about the fallout from the ongoing conflict in the Middle East. As the conflict entered its fourth day, U.S. President Donald Trump suggested the war may last four to five weeks but could "go far longer than that."

The price of crude oil has continued to spike in response to the conflict, raising worries the jump in prices will lead to higher inflation.

Supply concerns were also worsened by the attacks on several oil refineries, including Saudi Aramco's oil facility in Ras Tanura.

After skyrocketing in the previous session, crude oil prices continued to soar on Tuesday after Iran closed the Strait of Hormuz. West Texas Intermediate crude for April delivery surged $3.35 or 4.7 percent to $74.58 a barrel.