Rebound Anticipated For Thai Stock Market

The Thai stock market on Monday ended 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 beneath the 1,635-point plateau although it figures to bounce higher again on Tuesday.

The global forecast for the Asian markets is mixed to higher, largely riding optimism for earnings as the season progresses. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished modestly lower on Monday following losses from the energy shares and a mixed picture from the financials.

For the day, the index shed 9.22 points or 0.56 percent to finish at 1,634.20 after trading between 1,631.29 and 1,645.91. Volume was 25.650 billion shares worth 65.177 billion baht. There were 1,354 decliners and 490 gainers, with 433 stocks finishing unchanged.

Among the actives, Advanced Info rose 0.27 percent, while Thailand Airport skidded 1.14 percent, Bangkok Bank climbed 1.23 percent, Bangkok Dusit Medical rallied 2.13 percent, Bangkok Expressway retreated 1.12 percent, BTS Group shed 0.52 percent, CP All Public sank 0.77 percent, Delta Electronics tanked 2,65 percent, IRPC plunged 3.45 percent, Kasikornbank dipped 0.35 percent, Krung Thai Card declined 1.72 percent, PTT dropped 1.25 percent, PTT Exploration and Production tumbled 2.39 percent, PTT Global Chemical surrendered 1.14 percent, SCG Packaging lost 0.40 percent, Siam Concrete was up 0.25 percent, True Corporation was down 1.96 percent, TTB Bank jumped 1.77 percent and Charoen Pokphand Foods, Gulf, Krung Thai Bank, PTT Oil & Retail and Siam Commercial Bank were unchanged.

The lead from Wall Street is positive as the major averages shook off a soft start on Monday, climbing quickly into the green and finishing solidly higher.

The Dow added 64.13 points or 0.18 percent to finish at 35,741.15, while the NASDAQ spiked 136.51 points or 0.90 percent to close at 15,226.71 and the S&P 500 rose 21.58 points or 0.47 percent to end at 4,566.48.

The strength on Wall Street reflected optimism about more upbeat earnings news, with a slew of big-name companies due to report their quarterly results this week including Facebook (FB), General Electric (GE), UPS (UPS), Alphabet (GOOGL), Coca-Cola (KO), General Motors (GM), McDonald’s (MCD), Ford (F), Amazon (AMZN), Apple (APPL), and Exxon Mobil (XOM).

Upbeat earnings news has contributed to a recent upward trend on Wall Street, as most companies have reported better than expected results.

Traders may also have been reluctant to make big moves ahead of the Federal Reserve’s monetary policy meeting next week. The Fed is likely to leave interest rates unchanged but could announce plans to begin scaling back its asset purchase program.

Oil futures settled flat Monday as prices fell sharply from the day’s high towards the end of the session, with traders weighing supply and demand. West Texas Intermediate Crude for December ended unchanged at $83.76 a barrel after peaking at $85.41 a barrel, a seven-year high earlier in the day.