Thai Stock Market May Find Additional Support On Wednesday

(RTTNews) - The Thai stock market bounced higher again on Tuesday, one session after snapping the two-day winning streak in which hit had gathered more than a dozen points or 0.7 percent. The Stock Exchange of Thailand now rests just above the 1,635-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is positive on solid earnings news and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished slightly higher on Tuesday following mixed performances from the financial shares and the energy producers.

For the day, the index rose 1.77 points or 0.11 percent to finish at 1,635.97 after trading between 1,627.68 and 1,639.93. Volume was 29.425 billion shares worth 79.345 billion baht. There were 1,117 decliners and 602 gainers, with 562 stocks finishing unchanged.

Among the actives, Advanced Info rose 0.27 percent, while Thailand Airport retreated 1.54 percent, Bangkok Bank collected 0.40 percent, Bangkok Dusit Medical skidded 1.25 percent, Bangkok Expressway shed 0.56 percent, BTS Group lost 0.53 percent, Delta Electronics surged 4.09 percent, Gulf jumped 1.76 percent, IRPC sank 0.45 percent, Kasikornbank dropped 1.06 percent, Krung Thai Bank declined 0.85 percent, Krung Thai Card advanced 0.88 percent, PTT Oil & Retail gained 0.90 percent, PTT slid 0.63 percent, PTT Exploration and Production climbed 1.22 percent, PTT Global Chemical dipped 0.38 percent, SCG Packaging spiked 1.59 percent, Siam Commercial Bank was down 0.81 percent, Siam Concrete eased 0.76 percent, TTB Bank slipped 0.87 percent and Charoen Pokphand Foods and CP All Public were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened solidly higher on Tuesday but faded as the day progressed, finishing only with slight gains.

The Dow added 15.73 points or 0.04 percent to finish at 35,756.88, while the NASDAQ rose 9.01 points or 0.06 percent to close at 15,235.71 and the S&P 500 gained 8.31 points or 0.18 percent to end at 4,574.79.

The early strength on Wall Street reflected a positive reaction to the latest batch of earnings news from several big-name companies such as UPS (UPS) and General Electric (GE).

Positive sentiment may also have been generated in reaction to a report from the Commerce Department showing new home sales in the U.S. skyrocketed in September. A separate report from the Conference Board showed consumer confidence reversed a three-month downward trend in October amid easing concerns about the Delta variant of the coronavirus.

Crude oil futures settled higher Tuesday, recovering from early losses amid increasing signs of a supply shortage and higher demand for oil. West Texas Intermediate Crude oil futures for December ended higher by $0.89 or 1.1 percent at $84.65 a barrel.

Closer to home, Thailand will release September data for industrial production later today; in August, production was down 4.15 percent on year.

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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