Thai Bourse May Extend Thursday's Losses

(RTTNews) - The Thai Stock market has finished lower in two of three trading days since the end of the four-day winning streak in which it had rallied almost 40 points or 2.7 percent. The Stock Exchange of Thailand now sits just above the 1,505-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is soft, with profit taking expected amid continued uncertainty over the conflict in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The SET finished modestly lower on Thursday following losses from the food, consumer, finance, industrial and technology sectors.

For the day, the index slumped 9.38 points or 0.62 percent to finish at the daily low of 1,507.53 after peaking at 1,527.17. Volume was 10.792 billion shares worth 81.704 billion baht. There were 248 gainers and 237 decliners, with 173 stocks finishing unchanged.

Among the actives, Advanced Info added 0.57 percent, while Thailand Airport skidded 0.94 percent, Asset World stumbled 1.87 percent, Banpu and Siam Concrete both retreated 1.68 percent, Bangkok Bank slumped 1.22 percent, Bangkok Expressway advanced 0.93 percent, B. Grimm increased 0.73 percent, BTS Group surrendered 1.89 percent, CP All Public climbed 1.14 percent, Charoen Pokphand Foods shed 0.51 percent, Gulf vaulted 1.65 percent, Kasikornbank contracted 1.27 percent, Krung Thai Card improved 0.84 percent, PTT Oil & Retail dropped 0.80 percent, PTT gained 0.70 percent, PTT Exploration and Production tanked 1.99 percent, PTT Global Chemical plunged 4.38 percent, SCG Packaging advanced 0.97 percent, Siam Commercial Bank sank 0.75 percent, Thai Oil declined 1.58 percent, True Corporation soared 3.60 percent, TTB Bank tumbled 1.74 percent and Krung Thai Bank, Energy Absolute and Bangkok Dusit Medical were unchanged.

The lead from Wall Street is weak as the major averages opened mixed on Thursday but gradually tracked into the red and finished under water.

The Dow dropped 313.62 points or 0.63 percent to finish at 49,596.97, while the NASDAQ dipped 32.75 points or 0.13 percent to close at 25,806.20 and the S&P 500 sank 28.01 points or 0.38 percent to end at 7,337.11.

Stocks showed a lack of direction early in the day as traders remain optimistic about a peaceful end to the conflict in the Middle East but may want to see more tangible results from U.S.-Iran negotiations before making big bets.

But selling pressure picked as crude oil prices saw a substantial turnaround over the course of the day, with U.S. crude oil futures jumping by more than 1 percent following reports that Iran is attempting to force shippers to comply with a new protocol for transiting the Strait of Hormuz.

Crude oil prices had moved lower as Iran reviews a peace plan offered by the U.S. to end the gulf war but bounced higher again on supply concerns. West Texas Intermediate crude for June delivery was at $94.76 per barrel.

In U.S. economic news, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits rebounded by less than expected in the week ended May 2.