Additional Support Anticipated For Thai Stock Market

(RTTNews) - The Thai stock market on Tuesday snapped the two-day losing streak in which it had slumped almost 30 points or 2.4 percent. The Stock Exchange of Thailand now sits just beneath the 1,270-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is positive on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished sharply higher on Tuesday following gains from the property, resource, service and technology sectors.

For the day, the index improved 16.05 points or 1.28 percent to finish at 1,268.78 after trading between 1,256.73 and 1,270.32. Volume was 6.476 billion shares worth 34.501 billion baht. There were 268 gainers and 192 decliners, with 201 stocks finishing unchanged.

Among the actives, Advanced Info rallied 1.29 percent, while Thailand Airport soared 6.06 percent, Asset World improved 1.04 percent, Banpu strengthened 1.40 percent, B. Grimm surged 6.62 percent, BTS Group jumped 1.60 percent, CP All Public spiked 2.31 percent, Energy Absolute lost 0.74 percent, Gulf added 0.61 percent, Krung Thai Card tumbled 1.77 percent, PTT increased 0.83 percent, SCG Packaging tanked 1.91 percent, Siam Commercial Bank collected 0.78 percent, Siam Concrete sank 0.81 percent, True Corporation shed 0.87 percent, TTB Bank climbed 1.05 percent and Charoen Pokphand Foods, Bangkok Bank, Kasikornbank, Krung Thai Bank, PTT Global Chemical, PTT Oil & Retail, PTT Exploration and Production, Thai Oil, Bangkok Dusit Medical and Bangkok Expressway were unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Tuesday but then trended to the upside throughout the session, ending near daily highs.

The Dow surged 664.18 points or 1.43 percent to finish at 47,112.45, while the NASDAQ added 153.59 points or 0.67 percent to end at 23,025.59 and the S&P 500 climbed 60.76 points or 0.91 percent to close at 6,765.88.

The strength that emerged on Wall Street reflected renewed optimism about the outlook for interest rates following recent dovish comments from Federal Reserve officials as well as the latest U.S. economic data.

The Commerce Department said retail sales in the U.S. increased less than expected in September, while the Conference Board also released a report showing a substantial deterioration by U.S. consumer confidence in November.

Payroll processor ADP released a report showing U.S. private sector employers shed an average of 13,500 jobs per week in the four weeks ending November 8th compared to an average loss of 2,500 jobs in the previous four-week period.

CME Group's FedWatch Tool indicates the chances the Fed will cut interest rates by another quarter point next month have surged to 82.7 percent from 50.1 percent a week ago.

Crude oil prices slumped on Tuesday on reports that a revised Russia-Ukraine peace plan has been accepted by Ukraine. West Texas Intermediate crude for January delivery was down $0.96 or 1.61 percent at $57.89 per barrel.