Thai Shares Tipped To Open To The Upside On Wednesday

The Thai stock market on Tuesday wrote a finish to the two-day slide in which it had slipped almost 7 points or 0.5 percent. The Stock Exchange of Thailand now sits just above the 1,460-point plateau and it may open higher again on Wednesday.

The global forecast for the Asian markets is positive on continued optimism over the outlook for interest rates. The European and U.S. markets saw mild upside and the Asian bourses figure to open in similar fashion, although some of the more oversold markets may correct to the downside.

The SET finished modestly higher on Tuesday following gains among the food, consumer, industrial, property, resource and technology sectors.

For the day, the index advanced 14.20 points or 0.98 percent to finish at 1,462.10 after trading between 1,447.59 and 1,463.31. Volume was 10.803 billion shares worth 56.806 billion baht. There were 274 gainers and 210 decliners, with 185 stocks finishing unchanged.

Among the actives, Advanced Info rallied 2.71 percent, while Asset World lost 0.52 percent, Banpu increased 1.37 percent, Bangkok Expressway perked 0.63 percent, B. Grimm fell 0.43 percent, BTS Group was up 1.75 percent, CP All Public gathered 0.38 percent, Charoen Pokphand Foods rose 0.41 percent, Energy Absolute plunged 3.26 percent, Gulf gained 1.32 percent, Kasikornbank dropped 0.95 percent, Krung Thai Bank advanced 0.97 percent, Krung Thai Card strengthened 1.63 percent, PTT Oil & Retail added 1.17 percent, PTT spiked 1.50 percent, PTT Exploration and Production soared 2.55 percent, PTT Global Chemical skyrocketed 15.45 percent, SCG Packaging surged 6.96 percent, Siam Concrete accelerated 3.02 percent, Thai Oil jumped 2.46 percent, True Corporation improved 0.91 percent, TTB Bank shed 0.51 percent and Bangkok Bank, Siam Commercial Bank, Bangkok Dusit Medical and Thailand Airport were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened slightly higher on Tuesday, bounced back and forth across the line and finally ended mixed and little changed.

The Dow added 83.57 points or 0.20 percent to finish at 42,208.22, while the NASDAQ gained 100.25 points or 0.56 percent to end at 18,074.52 and the S&P 500 rose 14.36 points or 0.25 percent to close at 5,732.93.

The strength that emerged on Wall Street came on continued optimism for more rate cuts from the Federal Reserve in the coming months.

The upside was limited by concerns for the economy after the Conference Board reported a notable deterioration in U.S. consumer confidence in September.

Oil prices rallied on Tuesday as concerns about the outlook for demand eased after the Chinese central bank announced a slew of stimulus measures to boost the nation’s economy. An escalation in tensions in the Middle East, and reports of a new storm in Gulf of Mexico also contributed to the rise in oil prices. West Texas Intermediate Crude oil futures ended up by $1.19 or about 1.7 percent at $71.56 a barrel.

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