Higher Open Called For Thai Stock Market

(RTTNews) - The Thai stock market has moved three straight sessions, slipping more than 20 points or 1.8 percent along the way. The Stock Exchange of Thailand now sits just above the 1,250-point plateau although it's due for support on Friday.

The global forecast for the Asian markets is upbeat on renewed optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The SET finished modestly lower on Thursday following losses from the industrial, property, resource, services and technology companies.

For the day, the index lost 6.78 points or 0.54 percent to finish at 1,250.07 after trading between 1,243.94 and 1,262.63. Volume was 6.853 billion shares worth 40.166 billion baht. There were 311 decliners and 138 gainers, with 204 stocks finishing unchanged.

Among the actives, Thailand Airport jumped 2.33 percent, while Asset World stumbled 2.86 percent, Bangkok Bank rallied 2.11 percent, Bangkok Dusit Medical sank 2.02 percent, Bangkok Expressway lost 2.78 percent, B. Grimm plunged 4.05 percent, BTS Group was down 3.17 percent, CP All Public contracted 1.69 percent, Charoen Pokphand Foods shed 0.47 percent, Energy Absolute tumbled 2.84 percent, Gulf retreated 1.20 percent, Kasikornbank soared 3.41 percent, Krung Thai Bank vaulted 3.51 percent, Krung Thai Card tumbled 1.83 percent, PTT Oil & Retail surrendered 3.05 percent, PTT improved 0.81 percent, PTT Exploration and Production increased 1.39 percent, PTT Global Chemical skidded 1.00 percent, SCG Packaging tanked 2.50 percent, Siam Commercial Bank strengthened 1.49 percent, Siam Concrete slumped 1.08 percent, Thai Oil advanced 1.44 percent, True Corporation dropped 0.90 percent, TTB Bank surged 4.52 percent and Advanced Info and Banpu were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and remained in the green throughout the trading day, albeit off of session highs.

The Dow added 65.88 points or 0.14 percent to finish at 47,951.85, while the NASDAQ jumped 313.04 points or 1.38 percent to end at 23,006.36 and the S&P 500 gained 53.33 points or 0.79 percent to close at 6,774.76.

The strength on Wall Street came following the release of a closely watched Labor Department unexpectedly showing a slowdown in the annual rate of consumer price growth.

The tamer-than-expected inflation data has led to renewed confidence that the Federal Reserve will continue cutting interest rates next year.

A separate report from the Labor Department showed first-time claims for U.S. unemployment benefits declined roughly in line with estimates last week.

Crude oil prices inched higher again on Thursday amid the lingering geopolitical concerns stemming from Venezuela and Russia. West Texas Intermediate crude for January delivery was up $0.13 or 0.2 percent at $56.07 a barrel.