FX.co ★ Thai Stock Market Likely To Open In The Red On Tuesday

The Thai stock market has declined over two consecutive sessions, losing close to 50 points or 3.7 percent. The Stock Exchange of Thailand is now positioned just below the 1,315-point mark and is expected to open lower again on Tuesday.

The outlook for Asian markets remains pessimistic due to ongoing concerns about the U.S. economy. Both European and U.S. markets experienced sharp declines on Monday, and this trend is anticipated to persist in Asian markets, although the selloff could ease as the trading day progresses.

On Monday, the SET saw significant declines across the board, driven by apprehensions over the U.S. economic situation. The index fell by 38.41 points or 2.93 percent, closing at 1,274.67, with trading ranging between 1,273.17 and 1,296.11. Trading volume reached 14.113 billion shares, valued at 58.797 billion baht. The market recorded 550 decliners, 37 gainers, and 74 stocks remained unchanged.

Key stock movements included: Advanced Info gaining 0.84 percent; Thailand Airport declining 1.79 percent; Asset World and Krung Thai Bank both falling 2.84 percent; Banpu plummeting 6.53 percent; Bangkok Bank retreating 2.60 percent; Bangkok Dusit Medical advancing 0.97 percent; Bangkok Expressway sliding 4.55 percent; B. Grimm shedding 1.33 percent; BTS Group dipping 1.97 percent; CP All Public and Charoen Pokphand Foods both dropping 1.74 percent; Energy Absolute losing 3.85 percent; Gulf declining 1.55 percent; Kasikornbank down 2.63 percent; Krung Thai Card dipping 0.64 percent; PTT Oil & Retail weakening 3.85 percent; PTT falling 2.34 percent; PTT Exploration and Production decreasing 2.01 percent; PTT Global Chemical plunging 5.63 percent; SCG Packaging dropping 5.31 percent; Siam Commercial Bank slipping 1.95 percent; Siam Concrete tumbling 5.07 percent; Thai Oil cratering 5.83 percent; True Corporation rallying 2.66 percent; and TTB Bank declining 2.98 percent.

Wall Street provided a harsh lead as major indices opened sharply lower on Monday and remained in negative territory throughout the day.

The Dow Jones Industrial Average tumbled 1,033.99 points or 2.60 percent to finish at 38,703.27. The NASDAQ Composite dropped 576.08 points or 3.43 percent to close at 16,200.08, while the S&P 500 fell 160.23 points or 3.00 percent to end at 5,186.33.

The persistent decline on Wall Street stemmed from fears of a potential recession following a disappointing jobs report last Friday.

However, some stocks regained ground after the Institute for Supply Management released a report showing an uptick in U.S. service sector activity in July.

Oil futures also dropped on Monday due to concerns about demand outlook amid fears of a U.S. economic recession. West Texas Intermediate Crude oil futures for September fell by $0.58 or 0.7 percent, closing at $72.94 a barrel.