Thai Bourse May Reclaim 1,300-Point Level

(RTTNews) - The SET has finished lower in three straight sessions, sinking more than 20 points or 1.6 percent along the way. The Stock Exchange of Thailand now sits just above the 1,295-point plateau, although it's due for traction on Tuesday.

The global forecast for the Asian markets is generally positive on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The SET finished modestly lower on Monday following losses from the financials, energy producers, industrials and service stocks.

For the day, the index lost 9.97 points or 0.76 percent to finish at 1,296.59. Volume was 11.30 billion shares worth 40.684 billion baht.

The lead from Wall Street is upbeat as the major averages opened lower on Monday but quickly turned higher and finished solidly in the green.

The Dow jumped 188.94 points or 0.49 percent to finish at 38,778.10, while the NASDAQ rallied 168.14 points or 0.95 percent to close at 17,857.02 and the S&P 500 gained 41.63 points or 0.77 percent to end at 5,473.23.

The buying interest that emerged on Wall Street came as the markets benefitted from the positive sentiment generated last week by tamer-than-expected inflation data.

While Federal Reserve officials forecast just one interest rate cut this year following last Wednesday's monetary policy meeting, traders remain hopeful the predictions will turn out to be overly conservative if inflation continues to slow in the coming months.

On the U.S. economic front, the Federal Reserve Bank of New York released a report this morning showing New York manufacturing activity contracted at a notably slower rate in June.

Oil prices rose to a fresh six-week high on Monday on hopes about the outlook for energy demand. West Texas Intermediate crude oil futures for July ended higher by $1.88 or about 1.25 percent at $80.33 a barrel, the highest settlement since April 29.

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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