Thai Stock Market Poised To Extend Monday’s Gains

Thai stock market on Monday snapped 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 beneath the 1,645-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is mixed to higher, with concerns over economic recovery tempered by support from crude oil prices. The European markets were down and the U.S. bourses were mostly higher and the Asian markets figure to follow the latter lead.

The SET finished modestly higher on Monday following gains from the financial shares and the energy producers.

For the day, the index rose 5.58 points or 0.34 percent to finish at 1,643.92 after trading between 1,639.92 and 1,648.00. Volume was 30.416 billion shares worth 80.254 billion baht. There were 958 decliners and 732 gainers, with 561 stocks finishing unchanged.

Among the actives, Advanced Info dipped 0.26 percent, while Thailand Airport sank 0.74 percent, Bangkok Bank advanced 0.84 percent, Bangkok Dusit Medical added 0.44 percent, Bangkok Expressway gained 0.56 percent, BTS Group shed 0.51 percent, Charoen Pokphand Foods dropped 0.97 percent, IRPC jumped 1.72 percent, Kasikornbank spiked 1.75 percent, Krung Thai Bank collected 0.85 percent, Krung Thai Card lost 0.90 percent, PTT Oil & Retail retreated 0.88 percent, PTT accelerated 1.91 percent, PTT Exploration and Production improved 0.40 percent, PTT Global Chemical soared 3.09 percent, SCG Packaging perked 0.82 percent, Siam Commercial Bank increased 0.41 percent, Siam Concrete gathered 0.75 percent and TTB Bank and Gulf were unchanged.

The lead from Wall Street is mixed as the major averages opened lower on Monday; the NASDAQ and S&P 500 quickly bounced higher and stayed that way, while the Dow remained in the red and finished slightly lower.

The Dow shed 36.15 points or 0.10 percent to finish at 35,258.61, while the NASDAQ jumped 124.47 points or 0.84 percent to close at 15,021.81 and the S&P rose 15.09 points or 0.34 percent to end at 4,486.46.

The initial weakness on Wall Street reflected profit taking following recent strength in the markets. Worries about the global economic outlook also weighed on the markets after data showed the Chinese economy hit its slowest pace of growth in a year in the third quarter.

An advance by Treasury yields also contributed to the initial drop, although selling pressure waned as yields pulled back well off their highs.

Solid economic data triggered some buying interest after the National Association of Home Builders reported a notable improvement in U.S. homebuilder confidence in October. Retail and software stocks also saw notable strength on the day, while biotechnology, airline and gold stocks moved to the downside.

Crude oil futures settled higher on Monday, extending recent gains amid expectations global energy demand will continue to rise following several countries easing travel restrictions. West Texas Intermediate Crude oil futures for November ended up by $0.16 or 0.2 percent at $82.44 a barrel.

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