Higher Open Tipped For Thai Stock Market

(RTTNews) - The Thai stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had gained more than 15 points or 1.2 percent. The Stock Exchange of Thailand now sits just above the 1,275-point plateau although it may tick higher again on Thursday.

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

The SET finished barely higher on Wednesday as gains from the technology shares were offset by weakness among the resource and property sectors.

For the day, the index perked 0.86 points or 0.07 percent to finish at 1,275.03 after trading between 1,271.78 and 1,280.81. Volume was 7.114 billion shares worth 35.487 billion baht. There were 314 decliners and 142 gainers, with 192 stocks finishing unchanged.

Among the actives, Advanced Info rose 0.34 percent, while Thailand Airport rallied 3.09 percent, Asset World dropped 0.89 percent, Banpu slipped 0.44 percent, Bangkok Bank retreated 1.34 percent, Bangkok Dusit Medical stumbled 0.98 percent, Bangkok Expressway was down 1.94 percent, B. Grimm surrendered 2.19 percent, BTS Group climbed 1.31 percent, Gulf tumbled 1.72 percent, Kasikornbank skidded 1.19 percent, Krung Thai Bank sank 0.81 percent, Krung Thai Card improved 0.83 percent, PTT Oil & Retail slumped 1.41 percent, PTT plunged 3.01 percent, PTT Exploration and Production lost 0.87 percent, PTT Global Chemical added 0.40 percent, SCG Packaging tanked 2.60 percent, Siam Commercial Bank fell 0.39 percent, Siam Concrete declined 1.30 percent, Thai Oil contracted 0.71 percent, True Corporation advanced 0.96 percent, TTB Bank shed 0.53 percent and Charoen Pokphand Foods, Energy Absolute and CP All Public were unchanged.

The lead from Wall Street remains cautiously optimistic as the major averages opened lower on Wednesday but trended higher through the session and ended with modest gains.

The Dow added 43.21 points or 0.09 percent to finish at a record 46,441.10, while the NASDAQ gained 95.15 points or 0.42 percent to close at 22.755.16 and the S&P 500 rose 22.74 points or 0.34 percent to end at 6,711.20, also a record.

The initial pullback came after the U.S. government officially shut down early this morning after lawmakers failed to pass a temporary spending bill.

However, the early selling pressure was offset by optimism about the outlook for interest rates following the release of disappointing private sector employment data.

The subsequent turnaround also came as analysts pointed out that the markets have historically not been materially impacted by government shutdowns.

Crude oil prices fell sharply again Wednesday on concerns of excess supply after OPEC said it will hike output more than expected in November. West Texas Intermediate crude for November delivery was down by $0.60 or 0.96 percent at $61.77 per barrel.