Higher Open Predicted For Thai Stock Market

(RTTNews) - Ahead of Monday's holiday for Chulalongkorn, the Thai stock market had moved lower in two of three trading days since the end of the two-day winning streak in which it had gathered almost 30 points or 2 percent. The Stock Exchange of Thailand now rests just above the 1,590-point plateau and it's expected to bounce higher again on Tuesday.

The global forecast for the Asian markets continues to be upbeat on optimism over the 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 slightly lower on Friday following mixed performances from the financial shares and the energy producers.

For the day, the index dipped 1.41 points or 0.09 percent to finish at 1,591.32 after trading between 1,588.01 and 1,597.93. Volume was 16.492 billion shares worth 50.276 billion baht. There were 1,127 decliners and 429 gainers, with 588 stocks finishing unchanged.

Among the actives, Advanced Info skidded 1.06 percent, while Thailand Airport added 0.68 percent, Asset World dropped 0.85 percent, Banpu sank 0.79 percent, Bangkok Bank shed 0.70 percent, Bangkok Dusit Medical advanced 0.88 percent, Bangkok Expressway added 0.55 percent, BTS Group strengthened 1.23 percent, Charoen Pokphand Foods rose 0.40 percent, Energy Absolute rallied 2.14 percent, IRPC retreated 1.29 percent, Kasikornbank declined 1.68 percent, Krung Thai Card weakened 0.88 percent, PTT Exploration and Production gathered 0.58 percent, PTT Global Chemical increased 0.60 percent, SCG Packaging improved 0.96 percent, Siam Commercial Bank slumped 1.40 percent, Siam Concrete was up 0.63 percent, True Corporation tumbled 1.96 percent, TTB Bank collected 0.78 percent and B. Grimm, CP All Public, Gulf, Krung Thai Bank, PTT Oil & Retail, PTT and Thai Oil were unchanged.

The lead from Wall Street is upbeat as the major averages shook off early directionless trade on Monday but steamed higher in the afternoon to finish firmly in the green.

The Dow soared 417.06 points or 1.34 percent to finish at 31,499.62, while the NASDAQ spiked 92.90 points or 0.86 percent to end at 10,952.61 and the S&P 500 jumped 44.59 points or 1.19 percent to close at 3,797.34.

The strength that emerged on Wall Street partly reflected optimism the Federal Reserve will signal a slowdown in monetary policy tightening following its meeting next week.

The Fed is widely expected to raise interest rates by another 75 basis points next week, but traders are hopeful the central bank will indicate plans to slow the pace of rates hikes beginning in December.

Crude oil prices moved lower on Monday, giving ground following the advance seen last Friday. The pullback reflected lingering concerns about the outlook for global demand, particularly in China. West Texas Intermediate crude for December delivery fell $0.47 or 0.6 percent to $84.58 a barrel.

Closer to home, Thailand will see September results for imports, exports and trade balance later today. Imports are expected to jump 18.2 percent on year, down from 21.3 percent in August. Exports are called higher by an annual 4.3 percent, slowing from 7.5 percent in the previous month. The trade deficit is pegged at $2.2 billion following the $4.2 billion shortfall a month earlier.