The Thai stock market has seen a decline for three consecutive sessions, dropping over 20 points or 1.6 percent. The Stock Exchange of Thailand is currently just over the 1,380-point mark, and this downward trend is expected to carry on into Thursday.
Global predictions suggest mixed responses for Asian markets due to upcoming crucial U.S. inflation data. European and U.S. markets showed mixed reactions and decline respectively, leading to an unpredictable response from Asian markets.
On Wednesday, the SET ended slightly down, with losses from the property, resource, service, and technology sectors being offset by the food and finance stocks.
Day-end figures showed the index down by 11.65 points or 0.84 percent at 1,382.05 after oscillating between 1,380.88 and 1,390.26. The volume traded was 26.558 billion shares worth 55.291 billion baht. There were more decliners than gainers, with 332 declining stocks, 153 gaining stocks, and 175 stocks that remained unchanged.
Active market movers included Advanced Info, Thailand Airport, Asset World, Banpu, Bangkok Dusit Medical, CP All Public, SCG Packaging, B. Grimm, BTS Group, Charoen Pokphand Foods, Energy Absolute, Gulf, Hana Microelectronics, Krung Thai Bank, PTT Oil & Retail, PTT, PTT Exploration and Production, PTT Global Chemical, Siam Concrete, Thai Oil, True Corporation, and TTB Bank.
Major averages from Wall Street displayed weakness with a low-opening on Wednesday. Despite some recovery throughout the day, they ended in negatives.
The Dow lost 23.39 points or 0.06 percent ending at 38,949.02, while the NASDAQ and the S&P 500 declined by 87.56 points or 0.55 percent and 8.42 points or 0.17 percent, ending at 5,069.76 respectively.
This decline on Wall Street was due to traders pulling back from the recent market strength in anticipation of the latest consumer price inflation data. Given that Federal Reserve officials need stronger assurance of slowing inflation before considering reducing interest rates, this data could greatly impact rate outlooks.
In terms of economic news, it was announced by the Commerce Department that the real gross domestic product jump in the fourth quarter was revised down to 3.2 percent from the previously reported 3.3 percent.
Oil prices also fell on Wednesday following data revealing a larger than anticipated increase in U.S. crude inventories the previous week. West Texas Intermediate Crude oil futures for April closed down $0.33 or 0.42 percent at $78.54 a barrel.
Lastly, Thailand is set to reveal January figures for imports, exports, trade balance, current account and industrial production. In December, imports were down by 1.7 percent year-on-year, while exports increased by 3.0 percent, leading to a trade surplus of $2.30 billion. Meanwhile, the current account showed a surplus of $2.10 billion, and industrial production declined annually by 6.27 percent.
