BANGKOK – The stock market in Thailand (SET) hasclosed lower in four straight sessions, plummeting more than 80 points or 5.3 percent along the way. The Stock Exchange of Thailand ended just below the 1,515-point plateau, and the market is looking at another soft start on Monday.
The global forecast for the Asian markets is soft, thanks to continued pressure on oil prices. The European and U.S. markets finished firmly in the red, and the Asian bourses are expected to open in similar fashion.
The TSE finished modestly lower again on Friday following heavy losses among the energy producers and the falling price of oil continued to weigh.
For the day, the index dropped 11.86 points or 0.78 percent to finish at 1,514.95 after trading between 1,513.39 and 1,530.74. Volume was 16.031 billion shares worth 51.027 billion baht. There were 493 decliners and 336 gainers, with 221 stocks finishing unchanged.
Among the actives, coal miner Banpu added 0.41 percent, while Bangkok Bank shed 1.28 percent, Kasikornbank was unchanged, energy giant PTT lost 0.90 percent, PTT Exploration and Production tumbled 2.17 percent, PYTT Global Chemical dropped 1.40 percent, Siam Commercial Bank eased 0.27 percent and Siam Concrete climbed 0.87 percent.
The lead from Wall Street is negative as stocks moved sharply lower on Friday, with another sharp drop by the price of oil weighing on the markets – which fell to their lowest closing levels in a month.
The Dow plummeted 315.51 points or 1.8 percent to 17,280.83, while the NASDAQ tumbled 54.57 points or 1.2 percent to 4,653.60 and the S&P 500 plunged 33.00 points or 1.6 percent to 2,002.33. For the week, the NASDAQ slumped 2.7 percent, while the Dow and the S&P 500 dove 3.8 percent and 3.5 percent, respectively.
The sell-off was primarily attributed to the continued decrease by the price of crude oil, with crude for January delivery tumbling $2.14 to a new five-year low of $57.81 a barrel.
Concerns about oil demand led to the continued decline after the International Energy Agency cut its outlook for 2015 global oil demand growth by 230 000 barrels per day to 0.9 million barrels per day.
Traders largely shrugged off a report from Thomson Reuters and the University of Michigan showing a bigger than expected jump in consumer sentiment – which reached its highest level since January of 2007.