Rebound Anticipated For Thai Stock Market

(RTTNews) - The Thai stock market on Thursday halted the three-day winning streak in which it had gathered more than 20 points or 1.5 percent. The Stock Exchange of Thailand now sits just above the 1,440-point plateau although it may bounce higher again on Friday.

The global forecast for the Asian markets is upbeat on solid earnings news and support from crude oil. The European and U.S. markets finished higher and the Asian bourses are expected to continue that trend.

The SET finished sharply lower on Thursday following losses from the technology, consumer and packaging sectors.

For the day, the index stumbled 22.02 points or 1.51 percent to finish at 1,440.46 after trading between 1,436.73 and 1,453.12. Volume was 10.909 billion shares worth 41.553 billion baht. There were 263 decliners and 203 gainers, with 198 stocks finishing unchanged.

Among the actives, Advanced Info rallied 1.42 percent, while Thailand Airport soared 2.07 percent, Asset World increased 1.12 percent, Banpu surged 2.68 percent, Bangkok Bank and Kasikornbank both collected 0.34 percent, Bangkok Dusit Medical dropped 0.94 percent, Bangkok Expressway spiked 2.00 percent, BTS Group gathered 1.67 percent, CP All Public gained 1.19 percent, Charoen Pokphand Foods improved 0.83 percent, Energy Absolute plunged 7.20 percent, Gulf rose 0.79 percent, Internet Thailand plummeted 8.61 percent, Krung Thai Card gained 0.54 percent, PTT Oil & Retail perked 0.68 percent, PTT accelerated 2.33 percent, PTT Global Chemical jumped 1.98 percent, SCG Packaging tanked 2.46 percent, Siam Commercial Bank added 0.44 percent, Siam Concrete strengthened 1.82 percent, True Corporation advanced 0.84 percent, TTB Bank climbed 1.13 percent and Krung Thai Bank, B. Grimm, PTT Exploration and Production and Thai Oil were unchanged.

The lead from Wall Street is positive as the major averages opened slightly lower on Thursday but gradually moved higher and finished in the green.

The Dow rallied 461.88 points or 1.06 percent to finish at 43,870.35, while the NASDAQ rose 6.28 points or 0.03 percent to close at 18,972.42 and the S&P 500 advanced 31.60 points or 0.53 percent to end at 5,948.71.

The sharp increase by the Dow came amid strong gains by IBM Corp. (IBM), Sherwin-Williams (SHW) and Salesforce (CRM).

The NASDAQ showed a lack of direction as traders tracked the performance of AI darling Nvidia (NVDA), which reported better than expected third quarter earnings and revenues - but some traders expressed concerns about slowing revenue growth.

In U.S. economic news, the Labor Department said initial jobless claims unexpectedly fell to their lowest level in over six months last week. Also, the Conference Board' leading economic index fell more than expected in October

Oil prices climbed higher Thursday as escalating geopolitical tensions due to the ongoing war between Russia and Ukraine outweighed recent data showing robust supply in the market. West Texas Intermediate crude oil futures for December closed up $1.35 or 1.96 percent at $70.10 a barrel.