Thai stock market expected to extend Wednesday’s gains

(RTTNews) – Thailand’s stock market on Wednesday ended a four-day losing streak in which it had stumbled more than 25 points, or 1.5 percent. The Stock Exchange of Thailand now sits just above the 1,415-point plateau and has a positive lead again for Thursday’s trading.

Global forecasts for Asian markets are cautiously optimistic thanks to an improving interest rate outlook. European and American markets were up slightly and Asian exchanges were expected to open similarly.

The SET ended sharply higher on Wednesday following gains in the food, industrials, real estate, resources and technology sectors.

For the day, the index climbed 29.13 points or 2.10 percent to end at 1,415.17 after trading between 1,400.26 and 1,416.89. The volume was 13.305 billion shares worth 63.753 billion baht. There were 427 stocks up and 84 down, and 129 stocks finished unchanged.

Among assets, Advanced Info fell 2.24 percent, while Thailand Airport rose 0.37 percent, Asset World accelerated 4.00 percent, Banpu strengthened 1, 24 percent, Bangkok Bank lost 0.66 percent, Bangkok Dusit Medical added 2.91 percent, Bangkok Expressway rose 1.27 percent, B. Grimm climbed 5.13 percent, CP All Public gained 3.62 percent, Charoen Pokphand Foods jumped 2.20 percent, Energy Absolute boomed 9.47 percent, Gulf climbed 2.81 percent, Krung Thai Bank skidded 1, 08 percent, Krung Thai Card jumped 4.28 percent, PTT Oil & Retail rose 0.52 percent. percent, PTT rose 1.48 percent, PTT Global Chemical climbed 4.11 percent, SCG Packaging rose 2.74 percent, Siam Concrete rose 0.69 percent, Thai Oil rose 2.05 percent, True Corporation rose 2.59 percent, TTB Bank climbed 2.50 percent and Kasikornbank, Siam Commercial Bank, PTT Exploration and Production Companies and BTS Group were unchanged.

Wall Street’s lead suggests a slight rise as the major averages opened higher on Wednesday and remained largely in the green although they finished with limited gains.

The Dow jumped 163.51 points or 0.47 percent to end at 34,991.21, while the NASDAQ rose 9.45 points or 0.07 percent to close at 14,103.84 and the S&P 500 gained 7.18 points or 0.16 percent to finish at 4,502.88.

The continued strength on Wall Street came as the latest inflation data reinforced optimism about the outlook for interest rates – particularly after the Labor Department reported an unexpected drop in producer prices in the United States in October.

Following softer-than-expected consumer price inflation data released Tuesday, the latest report reinforced expectations that the Federal Reserve is done raising interest rates.

In economic news, the Commerce Department said U.S. retail sales declined slightly in October.

Crude oil prices fell on Wednesday after data showed a sharp increase in U.S. crude inventories and a sharp increase in crude production. West Texas Intermediate crude oil futures for December lost $1.60 or 2 percent to $76.66 a barrel, falling for the first time in five sessions.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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