Lower Open Called For Thai Stock Market

(RTTNews) - Ahead of the holidays for the king's birthday and for Asarnha Bucha Day, the Thai stock market had ended the two-day winning streak in which it had risen more than 5 points or 0.3 percent. The Stock Exchange of Thailand now sits just beneath the 1,625-point plateau and it may open under water again on Thursday.

The global forecast for the Asian markets is weak on renewed conflicts in the Middle East, surging crude oil prices and concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were sharply lower and the Asian markets figure to split the difference.

The SET finished sharply lower on Monday following losses among the consumer, industrial, resource and technology sectors.

For the day, the index dropped 19.92 points or 1.21 percent to finish at 1,624.47 after trading between 1,622.64 and 1,635.87. Volume was 10.645 billion shares worth 88.483 billion baht. There were 248 gainers and 215 decliners, with 189 stocks finishing unchanged.

For the day, the index plummeted 360.42 points or 5.98 percent to finish at 5,663.24 after trading between 5,262.77 and 6,228.52. Volume was 449.29 million shares worth 47.83 trillion won. There were 804 decliners and 91 gainers.

The lead from Wall Street is sharply negative as the major averages opened lower on Wednesday and turned more deeply into the red as the day progressed, ending at session lows.

The late-day sell-off on Wall Street came as treasury yields surged in electronic trading on concerns about the outlook for interest rates even after the Federal Reserve left rates unchanged, although three members voted to increase rates.

Stocks came under pressure early in the day amid a substantial rebound by crude oil prices - which skyrocketed on Wednesday after Iran launched surprise attacks on U.S. bases in Jordan. West Texas Intermediate crude for September delivery was up $5.55 or 7.00 percent at $84.81 per barrel.