Thai Stock Market Expected To Snap Losing Streak On Tuesday

The Thai stock market has finished lower in four straight sessions, sinking more than 20 points or 1.2 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,615-point plateau although it’s predicted to find traction on Tuesday.

The global forecast for the Asian markets is positive ahead of Wednesday’s policy announcement from the Federal Reserve and on support from crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The SET finished modestly lower on Monday following losses from the energy producers and technology stocks, while the financials were mixed.

For the day, the index shed 9.65 points or 0.59 percent to finish at 1,613.78 after trading between 1,632.73 and 1,611.39. Volume was 28.456 billion shares worth 69.806 billion baht. There were 1,300 decliners and 444 gainers, with 475 stocks finishing unchanged.

Among the actives,
Advanced Info shed 0.26 percent
Bangkok Bank collected 0.41 percent
Bangkok Dusit Medical advanced 0.85 percent
BTS Group lost 0.52 percent
CP All Public rose 0.39 percent
Delta Electronics retreated 1.44 percent
Gulf sank 0.58 percent
IRPC declined 1.40 percent
Krung Thai Card tanked 2.60 percent
PTT Oil & Retail tumbled 1.82 percent
PTT Exploration and Production dropped 0.85 percent
PTT Global Chemical slid 0.40 percent
SCG Packaging surrendered 1.95 percent
Siam Commercial Bank skidded 0.79 percent
Siam Concrete dipped 0.25 percent
True Corporation gained 0.99 percent
TTB Bank, Thailand Airport, Bangkok Expressway, Charoen Pokphand Foods, Kasikornbank, Krung Thai Bank and PTT were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Monday and remained mostly in the green throughout the session, finishing with modest gains and at record closing highs.

The Dow climbed 94.28 points or 0.26 percent to finish at 35,913.84, while the NASDAQ jumped 97.53 points or 063 percent to close at 15,595.92 and the S&P 500 rose 8.29 points or 0.18 percent to end at 4,613.67.

The choppy trading on Wall Street came as traders looked ahead to Wednesday’ announcement from the Fed. The central bank is expected to leave interest rates unchanged but could announce plans to begin scaling back its asset purchase program.

A batch of upbeat earnings news has also contributed to a recent upward trend, as most major companies have reported better than expected quarterly results.

In economic news, the Institute for Supply Management noted a modest slowdown in the pace of growth in U.S. manufacturing activity in October. Also, the Commerce Department said construction spending in the U.S. unexpectedly decreased in September.

Crude oil prices moved higher on Monday with traders weighing energy demand and supply levels and looking ahead to the upcoming OPEC meeting. West Texas Intermediate Crude oil futures for December ended higher by $0.48 or 0.6 percent at $84.05 a barrel.

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