Higher Open Called For Thai Stock Market

(RTTNews) - The Thai stock market on Wednesday ended the three-day winning streak in which it had jumped more than 25 points or 2 percent. The Stock Exchange of Thailand now sits just beneath the 1,275-point plateau although it may tick higher again on Thursday.

The global forecast for the Asian markets is cautiously optimistic on an improved outlook for interest rates. The European markets were mixed and flat and the U.S. bourses was mild upside and the Asian markets figure to split the difference.

The SET finished slightly lower on Wednesday as losses from the food, resource and technology shares were offset by support from the financial and property sectors. For the day, the index slipped 2.76 points or 0.22 percent to finish at 1,274.82 after trading between 1,272.63 and 1,282.87. Volume was 5.639 billion shares worth 36.323 billion baht. There were 225 gainers and 202 decliners, with 214 stocks finishing unchanged. Among the actives, Advanced Info slumped 1.28 percent, while Thailand Airport surged 4.97 percent, Banpu improved 0.81 percent, Bangkok Bank rallied 2.16 percent, Bangkok Dusit Medical lost 0.52 percent, Bangkok Expressway tumbled 1.77 percent, BTS Group contracted 0.78 percent, CP All Public skidded 1.13 percent, Charoen Pokphand Foods retreated 1.44 percent, Gulf stumbled 2.45 percent, Kasikornbank collected 0.53 percent, Krung Thai Bank sank 0.87 percent, PTT Oil & Retail plunged 2.90 percent, PTT Exploration and Production climbed 0.93 percent, PTT Global Chemical added 0.49 percent, SCG Packaging shed 0.63 percent, Siam Commercial Bank strengthened 1.52 percent, Siam Concrete rose 0.27 percent, Thai Oil increased 1.40 percent, True Corporation dropped 0.91 percent and TTB Bank, Krung Thai Card, Asset World, B. Grimm, Energy Absolute and PTT were unchanged.

The lead from Wall Street is upbeat as the major averages opened in the red but quickly moved higher and continued to pick up speed through the day, ending near session highs.

The Dow jumped 408.44 points or 0.86 percent to finish at 47,882.90, while the NASDAQ added 40.42 points or 0.17 percent to close at 23,454.09 and the S&P 500 gained 20.35 points or 0.30 percent to end at 6,849.72.

The strength in the broader markets followed the release of a report from payroll processor ADP showing an unexpected decrease by private sector employment in November.

The data added to recently renewed optimism that the Federal Reserve will once again lower interest rates at its monetary policy meeting next week.

CME Group's FedWatch Tool is currently indicating an 89.0 percent chance the Fed will cut rates by another quarter point next week.

Crude oil prices rose on Wednesday as proposed Russia-Ukraine peace talks failed to deliver a breakthrough. West Texas Intermediate crude for January delivery was up $0.23 or 0.39 percent at $58.87 per barrel.