Stock Market in Thailand Expected to Maintain Range on Wednesday
In the global financial landscape, Tuesday saw a mixed bag of results, with major averages on Wall Street closing higher, while Asian markets showed stagnancy.
The S&P 500 perked 4.02 points or 0.06 percent to end at a fresh record high of 6,309.62. The Dow Jones Industrial Average climbed 179.37 points or 0.40 percent to finish at 44,502.44, while the NASDAQ shed 81.49 points or 0.39 percent to close at 20,892.69.
However, the Thai stock market experienced a setback, marking the end of a three-day winning streak. The decline in the tech sector, in particular, was notable. The drop can be attributed to regional Asian market uncertainties and mixed investor sentiment amid ongoing trade negotiations, which affect tech-centric and export-dependent sectors. Markets in Thailand were closed on Monday for a holiday, and on nearby trading days, regional market movements showed uncertainty, influenced by issues such as trade negotiations between major economies.
The index tumbled 1.36 percent to finish at 1,191.75 on Tuesday. Among the active stocks that showed significant movement were Advanced Info, Thailand Airport, Asset World, Banpu, Bangkok Bank, Bangkok Dusit Medical, Bangkok Expressway, B. Grimm, BTS Group, CP All Public, Energy Absolute, Gulf, Kasikornbank, Krung Thai Bank, Krung Thai Card, PTT, PTT Exploration and Production, PTT Global Chemical, SCG Packaging, Siam Commercial Bank, Siam Concrete, Thai Oil, True Corporation, TTB Bank, Charoen Pokphand Foods, and PTT Oil & Retail.
Meanwhile, in the United States, shares of leading global security, defense, and aerospace contractor Lockheed Martin (LMT) tumbled on weaker than expected second-quarter revenues. Shares of General Motors (GM) plunged due to Q2 earnings that exceeded estimates but were down sharply on year.
The decline in crude oil is attributed to continuing uncertainty on tariff negotiations between the U.S. and its trading partners, increasing demand concerns. Crude oil moved lower for a third straight session, with West Texas Intermediate crude closing down by $0.99 to settle at $66.21 per barrel.
The global forecast for the Asian markets suggests a stagnant trend due to a lack of catalysts. The SET (Stock Exchange of Thailand) is currently just above the 1,190-point plateau.
- The drop in the Thai stock market, particularly in the tech sector, reflects a concern in multiple industries, including technology and finance, due to regional Asian market uncertainties and mixed investor sentiment amid ongoing trade negotiations.
- In the United States, the decline in shares of Lockheed Martin, a leading global security, defense, and aerospace contractor, points to potential challenges in the finance sector, as well as the technology sector, given the company's reliance on advanced technology and global markets.
