Additional Support Predicted For Thai Stock Market

(RTTNews) - The Thai stock market on Monday halted the four-day losing streak in which it had stumbled more than 25 points or 1.8 percent. The Stock Exchange of Thailand now rests just above the 1,570-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat on bargain hunting after several days of volatility and heavy selling, while stability in the bond markets adds to the positive sentiment. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The SET finished modestly higher on Monday as gains from the financial shares were capped by weakness from the energy producers.

For the day, the index added 10.62 points or 0.68 percent to finish at 1,571.40 after trading between 1,553.80 and 1,573.67. Volume was 15.209 billion shares worth 66.745 billion baht. There were 869 decliners and 741 gainers, with 541 stocks finishing unchanged.

Among the actives, Advanced Info rose 0.27 percent, while Thailand Airport skidded 1.06 percent, Asset World rallied 2.63 percent, Banpu advanced 0.79 percent, Bangkok Bank climbed 1.09 percent, Bangkok Expressway shed 0.56 percent, BTS Group improved 1.25 percent, CP All Public soared 3.64 percent, Charoen Pokphand Foods gathered 1.00 percent, Energy Absolute surged 4.49 percent, IRPC added 0.67 percent, Kasikornbank collected 1.04 percent, Krung Thai Bank increased 1.20 percent, Krung Thai Card spiked 2.26 percent, PTT shed 0.72 percent, PTT Exploration and Production dipped 0.29 percent, PTT Global Chemical gained 1.23 percent, SCG Packaging perked 0.49 percent, Thai Oil was up 0.49 percent, TTB Bank jumped 0.83 percent and Bangkok Dusit Medical, B. Grimm, Gulf, PTT Oil & Retail, Siam Commercial Bank and True Corporation were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher on Monday and stayed that way throughout the session.

The Dow surged 550.99 points or 1.86 percent to finish at 30,185.82, while the NASDAQ soared 354.41 points or 3.43 percent to end at 10.675.80 and the S&P 500 jumped 94.88 points or 2.65 percent to close at 3,677.95.

An early pullback by treasury yields fueled the buying interest, although yields regained ground over the course of the session. The markets also benefitted from strong earnings news from financial giant Bank of America (BAC).

The strength also followed news that the U.K. government is reversing course on previously announced fiscal plans that contributed to turmoil in the global bond markets.

In economic news, the Federal Reserve Bank of New York reported that regional manufacturing activity contracted more than expected in October.

Crude oil futures slumped on Monday, extending losses from the previous session as worries about a recession weighed on the outlook for energy demand and pushed down oil prices. West Texas Intermediate Crude oil futures for November eased $0.15 or 0.2 percent at $85.46 a barrel.