Thai Stock Market Due For Support On Wednesday

The Thai stock market has finished lower in three straight sessions, dropping almost 50 points or 3.3 percent along the way. The Stock Exchange of Thailand now rests just above the 1,390-point plateau although it may stop the bleeding on Wednesday.

The global forecast for the Asian markets is positive on bargain hunting and earnings news. The European and U.S. markets were up and the Asian markets are expected to follow that lead.

The SET finished modestly lower on Tuesday as losses from the finance, property, energy and technology sectors were offset by support from the food and industrial companies.

For the day, the index shed 8.32 points or 0.59 percent to finish at 1,391.03 after trading between 1,387.60 and 1,398.73. Volume was 10.206 billion shares worth 49.599 billion baht. There were 301 decliners and 201 gainers, with 146 stocks finishing unchanged.

Among the actives, Advanced Info declined 2.27 percent, while Thailand Airport weakened 1.50 percent, Asset World added 0.59 percent, Banpu gained 0.64 percent, Bangkok Bank tanked 3.29 percent, Bangkok Dusit Medical dropped 0.93 percent, Bangkok Expressway increased 0.63 percent, B. Grimm surged 4.02 percent, BTS Group sank 1.34 percent, Charoen Pokphand Foods shed 0.55 percent, Energy Absolute improved 0.55 percent, Gulf spiked 2.38 percent, Kasikornbank collected 1.16 percent, Krung Thai Bank tumbled 2.08 percent, Krung Thai Card retreated 1.65 percent, PTT Oil & Retail climbed 1.12 percent, PTT slumped 1.50 percent, PTT Exploration and Production plunged 2.31 percent, PTT Global Chemical stumbled 2.26 percent, Siam Commercial Bank plummeted 3.63 percent, Siam Concrete skidded 1.05 percent, TTB Bank surrendered 3.47 percent and SCG Packaging, True Corporation, Thai Oil and CP All Public were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Tuesday and remained in the green throughout the session.

The Dow jumped 204.97 points or 0.62 percent to finish at 33,141.38, while the NASDAQ gained 121.55 points or 0.93 percent to end at 13,139.88 and the S&P 500 added 30.64 points or 0.73 percent to close at 4,247.68.

The strength on Wall Street reflected a positive reaction to the latest batch of earnings news, as a number of big-name companies reported better than expected quarterly results, including General Electric (GE), 3M Co. (MMM) and Coca-Cola (KO).

Crude oil prices fell sharply Tuesday, extending losses to a third straight session amid concerns about the outlook for energy demand, while the dollar’s rally also weighed. West Texas Intermediate Crude oil futures for December sank $1.75 or 2.1 percent at $83.74 a barrel.