Thai stocks lose more than 30pts as concerns persist about failed US bank

Losses on the Thai stock market deepened in the afternoon session as investors continued to flee large-cap firms over fears of a banking crisis.

As of 15.41 hrs. (Bangkok time), the SET Index in Thailand fell 32.92 points, or 2.09%, to 1,540.15.

According to Pi Securities, the Thai market suffered a steep loss as foreign investors continued to sell Thai stocks, fearing that the impact from Silicon Valley Bank will expand to other banks across the world.

The SET Index was predicted to move between 1,530 and 1,500 by market experts.

Traders are also anticipating the release of U.S. inflation data later today.

European markets, however, opened modestly higher as the fallout from Silicon Valley Bank’s collapse continues to echo through global finance.

At the opening of trading, the pan-European Stoxx 600 index was up 0.2%, with gains and losses across sectors and major bourses. The financial sector fell 0.7%, the most of any industry, after Monday’s turbulent trading in bank stocks. The utilities and technology sectors drove the 0.7% increase.

U.S. stock futures also rose on Monday night, as traders are looking ahead to the latest inflation report.

According to Dow Jones forecasts, monthly consumer price inflation in the United States for February is predicted to be 0.4% and yearly inflation to be 6%. That’s a drop from the 0.5% and 6% inflation figures recorded in January.