Thai Stock Market Tipped To Snap Losing Streak On Monday

The Thai stock market has finished lower in three straight sessions, sinking more than 10 points or 0.6 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,625-point plateau although it’s due for support on Monday.

The global forecast for the Asian markets is upbeat ahead of this week’s FOMC meeting and supported by crude oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets are expected to follow the latter lead.

The SET finished barely lower on Friday following mixed performances from the technology, finance and energy stocks.

For the day, the index eased 0.88 points or 0.05 percent to finish at 1,623.43 after trading between 1,619.14 and 1,629.25. Volume was 26.233 billion shares worth 66.747 billion baht. There were 1,003 decliners and 636 gainers, with 570 stocks finishing unchanged.

Among the actives, Advanced Info slipped 0.26 percent, while Thailand Airport added 0.39 percent, Bangkok Bank collected 0.82 percent, Bangkok Dusit Medical plunged 2.89 percent, Bangkok Expressway climbed 1.12 percent, BTS Group jumped 1.60 percent, Delta Electronics plummeted 4.15 percent, Gulf retreated 1.70 percent, IRPC dropped 0.92 percent, Kasikornbank rallied 2.17 percent, Krung Thai Bank sank 0.86 percent, Krung Thai Card gained 0.43 percent, PTT Oil & Retail skidded 0.90 percent, PTT shed 0.65 percent, PTT Exploration and Production lost 0.84 percent, PTT Global Chemical improved 0.80 percent, SCG Packaging rose 0.39 percent, Siam Commercial Bank spiked 2.86 percent, Siam Concrete fell 0.75 percent, True Corporation increased 0.50 percent and TTB Bank and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is positive as the major averages shook off a lower open on Friday, picking up steam as the session progressed and ending firmly in the green.

The Dow added 89.08 points or 0.25 percent to finish at 35,819.56, while the NASDAQ gained 50.27 points or 0.33 percent to close at 15,498.39 and the S&P 500 rose 8.96 points or 0.19 percent to end at 4,605.38. For the week, the NASDAQ surged 2.7 percent, the S&P gained 1.3 percent and the Dow was up 0.4 percent.

A negative reaction to quarterly results from tech giants Apple (AAPL) and Amazon (AMZN) contributed to the early weakness on Wall Street.

But selling pressure waned over the course of the session as traders were reluctant to make significant bets ahead of the Federal Reserve’s monetary policy meeting this week. The Fed is likely to leave interest rates unchanged but could announce plans to begin scaling back its asset purchase program.

In economic news, the Commerce Department said personal income fell more than expected in September. Also, the University of Michigan said consumer sentiment in the U.S. deteriorated slightly less than initially estimated in October.

Crude oil futures settled higher on Friday on hopes that OPEC and allies will decide to keep supply levels tight. West Texas International Crude oil futures for December rose $0.76 or 0.9 percent at $83.57 a barrel; WTI Crude futures gained more than 11 percent in October.