Thai Bourse Poised To Halt Losing Streak
(RTTNews) - The Thai stock market has finished lower in four straight sessions, dipping more than 30 points or 1.9 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,610-point plateau although it may stop the bleeding on Friday.
The global forecast for the Asian markets suggests a higher open on a technical rebound, with bargain hunting expected. 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 slightly lower on Thursday following losses from the energy producers and a mixed performance from the financial shares.
For the day, the index dipped 2.95 points or 0.18 percent to finish at 1,610.69 after trading between 1,605.13 and 1,614.84. Volume was 13.836 billion shares worth 37.833 billion baht. There were 848 decliners and 462 gainers, with 550 stocks finishing unchanged.
Among the actives, Advanced Info added 0.45 percent, while Thailand Airport rose 0.34 percent, Banpu advanced 0.85 percent, Bangkok Expressway dropped 0.93 percent, Charoen Pokphand Foods skidded 0.96 percent, Kasikornbank sank 0.99 percent, Krung Thai Bank shed 0.59 percent, PTT lost 0.55 percent, PTT Exploration and Production fell 0.83 percent, PTT Global Chemical retreated 0.96 percent, Siam Commercial Bank collected 0.43 percent, Siam Concrete plunged 2.21 percent, TMB Bank gained 0.63 percent and Bangkok Bank, Bangkok Medical and BTS Group were unchanged.
The lead from Wall Street is positive as stocks shook off early volatility on Thursday to move mostly higher - offsetting the steep losses from the previous two sessions.
The Dow added 122.42 points or 0.47 percent to 26,201.04, while the NASDAQ rose 87.02 points or 1.12 percent to 7,872.27 and the S&P 500 gained 23.02 points or 0.80 percent to 2,910.63.
The strength that emerged on Wall Street was partly due to bargain hunting, with traders picking up stocks at reduced levels following recent weakness.
Confidence the Federal Reserve will continue to cut interest rates also contributed to the rebound, as traders digested a report from the Institute for Supply Management showing U.S. service growth slowed by more than expected in September.
Crude oil futures settled lower on Thursday, extending losses to an eighth straight session, amid rising possibilities of a drop in near term energy demand. West Texas Intermediate crude oil futures for November ended down $0.19 or 0.4 percent at $52.45 a barrel, the lowest settlement in nearly two months.