Major stock markets mostly traded lower on Friday, following a huge loss in Wall Street last night as the Dow Jones Industrial Average and Nasdaq Composite posted its worst day since 2020.
As of 10:06 local time in Thailand on 6 May 2022, Nikkei rose 0.12%, SSEC dropped 1.53%, Hang Seng Index plunged 3.26%, ASX 200 fell 2.42% and Kospi decreased 1.42%.
The Indonesian stock exchange is closed for the holiday.
Thailand’s SET Index opened at 1,622.07 points, decreased 21.23 points or 1.29%.
The Nasdaq 100 ended the session on May 5, 2022, down 5%, its worst day since September 2020 as the US 10-year yields jumped 10bps to 3.04%. Meanwhile, Dow Jones dropped 3.12% to 32,997.97 points, while S&P 500 fell 3.56%.
Mr. Kantara Ladawan na Ayutthaya, executive director of Finansia Syrus Securities (FSS), through “Kaohoon Jor Talad Program” on 6 May 2022, stated that he expected the Thai stock market to edge lower in the same direction as other Asian markets.
Meanwhile, rising oil prices, boosted by the Russia-Ukraine war and higher oil consumption from a wide range reopening of other countries, could slow down the economic recovery in Thailand.
In addition to Fed’s signal for a 0.75bps rate hike, Mr. Ladawan expected the Thai central bank to maintain policy rate at record low for now, but will eventually step up for a hike to keep an appropriate gap between global central banks.
