Thai Stock Market Draws Flat Lead

(RTTNews) - The Thai stock market on Tuesday snapped the four-day winning streak in which it had advanced more than 25 points or 1.7 percent. The Stock Exchange of Thailand now rests just above the 1,665-point plateau and it's likely to see little movement on Wednesday.

The global forecast for the Asian markets suggests mild upside on expectations of further stimulus. The European markets were up and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The SET finished modestly lower as losses from the broader market were mitigated by support from the financial shares and technology stocks.

For the day, the index shed 5.29 points or 0.32 percent to finish at 1,665.93 after trading between 1,662.28 and 1,677.47. Volume was 19.431 billion shares worth 58.277 billion baht. There were 988 decliners and 528 gainers, with 463 stocks finishing unchanged.

Among the actives, Advanced Info tumbled 2.98 percent, while Banpu added 0.79 percent, Bangkok Bank jumped 1.48 percent, Bangkok Expressway advanced 0.88 percent, BTS Group skidded 1.44 percent, Charoen Pokphand Foods plunged 4.31 percent, Kasikornbank soared 3.12 percent, Krung Thai Bank fell 0.58 percent, PTT perked 1.11 percent, PTT Exploration and Production gained 0.40 percent, PTT Global Chemical spiked 1.90 percent, Siam Commercial Bank collected 1.30 percent, TMB Bank was up 0.65 percent and Thailand Airport, Bangkok Medical and Siam Concrete were unchanged.

The lead from Wall Street continues to be murky as stocks saw another lackluster performance on Tuesday, eventually closing mixed and roughly flat for the third consecutive session.

The Dow added 73.92 points or 0.28 percent to 26,909.43, while the NASADQ fell 3.28 points or 0.04 percent to 8,084.16 and the S&P 500 rose 0.96 points or 0.03 percent to 2,979.39.

The early weakness on Wall Street reflected uncertainty ahead of the European Central Bank's monetary policy decision on Thursday as well as next week's Federal Reserve meeting. Both the ECB and the Fed are expected to cut interest rates in reaction to indications of a global slowdown.

The weaker than expected jobs data released last Friday raised concerns about the economic outlook but also reinforced expectations of another interest rate cut by the Fed next week.

Crude oil prices edged lower on Tuesday, with traders taking profits after recent strong gains and looking ahead to weekly inventory reports. West Texas Intermediate Crude oil futures for October were down $0.45 or 0.8 percent at $57.40 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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