Rebound Anticipated For Thai Stock Market

(RTTNews) - The Thai stock market headed south again on Tuesday, one session after halting the two-day slide in which it had eased more than 5 points or 0.3 percent. The Stock Exchange of Thailand now rests just above the 1,630-point plateau although it figures to bounce higher again on Wednesday.

The global forecast for the Asian markets is upbeat, supported by solid earnings expectations and rising crude oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished modestly lower on Tuesday following losses from the financial shares and the energy producers.

For the day, the index sank 13.53 points or 0.82 percent to finish at 16,30.39 after trading between 1,627.12 and 1,649.66. Volume was 36.154 billion shares worth 96.547 billion baht. There were 1,401 decliners and 494 gainers, with 412 stocks finishing unchanged.

Among the actives, Advanced Info retreated 1.58 percent, while Thailand Airport declined 1.49 percent, Bangkok Bank skidded 1.24 percent, Bangkok Dusit Medical advanced 0.87 percent, Bangkok Expressway surrendered 1.66 percent, BTS Group tumbled 1.55 percent, Charoen Pokphand Foods climbed 0.98 percent, Siam Global House rallied 2.36 percent, Gulf shed 0.58 percent, Kasikornbank tanked 2.76 percent, Krung Thai Bank sank 1.569 percent, Krung Thai Card fell 0.45 percent, PTT Oil & Retail lost 1.77 percent, PTT dropped 1.25 percent, PTT Exploration and Production was down 1.20 percent, PTT Global Chemical plummeted 1.87 percent, SCG Packaging gained 0.82 percent, Siam Commercial Bank dipped 0.81 percent, Siam Concrete fell 2.24 percent, TTB Bank cratered 2.63 percent and CP All Public was unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and remained solidly in the green throughout the session.

The Dow spiked 198.70 points or 0.56 percent to finish at 35,457.31, while the NASDAQ jumped 107.28 points or 0.71 percent to close at 15,129.09 and the S&P 500 gained 33.17 points or 0.74 percent to end at 4,519.63.

Upbeat earnings news from insurance giant Travelers Companies Inc. (TRV), Johnson & Johnson (JNJ), Procter & Gamble (PG) and Netflix (NFLX) lifted sentiment.

On the economic front, the Commerce Department noted an unexpected decrease in new U.S. residential construction in September.

Crude oil prices climbed higher on Tuesday amid rising demand for fuel oil and diesel due to a severe energy crisis in China and several parts across Europe. West Texas Intermediate crude oil futures for November ended higher by $0.52 or 0.6 percent at $82.96 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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