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Thai Stock Market Tipped To Head South On Wednesday

Thai Stock Market Tipped To Head South On Wednesday

(RTTNews) – Ahead of Tuesday’s holiday for King Bhumibol Memorial Day, the Thai stock market had bounced higher again – one session after halting the four-day winning streak in which it had advanced almost 40 points or 3 percent. The Stock Exchange of Thailand now sits just beneath the 1,275-point plateau although it’s tipped to open in the red on Wednesday.

The global forecast for the Asian markets is soft on profit taking and on concerns for a COVID-19 vaccine. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The SET finished modestly higher on Monday following mixed performances from the financial shares and energy producers.

For the day, the index added 6.29 points or 0.50 percent to finish at 1,273.43 after trading between 1,265.27 and 1,277.64. Volume was 20.184 billion shares worth 46.573 billion baht. There were 826 decliners and 698 gainers, with 454 stocks finishing unchanged.

Among the actives, Advanced Info gained 0.85 percent, while Bangkok Bank climbed 1.32 percent, Bangkok Dusit Medical skidded 1.56 percent, Bangkok Expressway added 0.57 percent, BTS Group rose 0.51 percent, Charoen Pokphand Foods tumbled 1.82 percent, Kasikornbank fell 0.33 percent, Krung Thai Bank collected 0.56 percent, PTT surged 3.01 percent, PTT Exploration and Production retreated 1.50 percent, PTT Global Chemical advanced 1.22 percent, Siam Commercial Bank gathered 1.14 percent, Siam Concrete dipped 0.28 percent and TMB Bank, Thailand Airport and Asset World were unchanged.

The lead from Wall Street is negative as stocks opened lower and largely remained that way, finishing in the red after three straight sessions of gains.

The Dow sank 157.71 points or 0.55 percent to finish at 28,679.81, while the NASDAQ slid 12.36 points or 0.10 percent to end at 11,863.90 and the S&P 500 fell 22.29 points or 0.63 percent to

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Thai Sept consumer mood drops for first time in 5 months, protests weigh

Thai Sept consumer mood drops for first time in 5 months, protests weigh

BANGKOK, Oct 8 (Reuters)Thai consumer confidence dropped in September for the first time in five months on concerns about growing political protests, a slow economic recovery and job losses from the coronavirus pandemic, a university survey showed on Thursday.

The consumer index of the University of the Thai Chamber of Commerce fell to 50.2 in September from 51.0 in August.

“Various political gatherings made people have no confidence in government stability,” while the surprise exit of the country’s finance minister last month was negative, university president Thanavath Phonvichai told a briefing.

Demonstrators have rallied against the military-backed government in larger numbers in recent months, with some also calling for reforms of the powerful monarchy. The next big protest is set for Oct. 14.

Consumers felt the economic situation remained bad as tourism has yet to recover, Thanavath said.

“If the situation does not improve, there may be more than 500,000 job cuts in the sector in the fourth quarter,” he said.

Thailand has recorded no foreign tourists since April and relatively few infections due to a travel ban designed to keep the coronavirus at bay.

It aims to receive its first visitors later this month as part of an incremental reopening, but only a small fraction of the usual influx.

Recent government stimulus measures are positive, but most consumers felt the economy would recover in the second half of next year, Thanavath said.

The university predicts Southeast Asia’s second-largest economy to contract 7%-9% this year before growing 3%-4% next year, he said.

(Reporting by Kitiphong Thaichareon Writing by Orathai Sriring; Editing by Martin Petty)

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