Rebound Expected For Thai Stock Market

(RTTNews) - The Thai stock market headed south again on Friday, one day after ending the three-day slide in which it had fallen more than a dozen points or 0.7 percent. The Stock Exchange of Thailand now sits just above the 1,610-point plateau although it's expected to move higher again on Monday.

The global forecast for the Asian markets is cautiously optimistic on an improved outlook for interest rates, although erratic tensions in the Middle East may limit the upside. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The SET finished slightly lower on Friday as losses from the finance and technology sectors were offset by support among the industrial and consumer companies.

For the day, the index eased 2.64 points or 0.16 percent to finish at 1,612.00 after trading between 1,607.45 and 1,617.77. Volume was 9.80 billion shares worth 63.391 billion baht. There were 240 gainers and 192 decliners, with 222 stocks finishing unchanged.

The lead from Wall Street is positive as the major averages shook off early volatility before settling solidly higher for the balance of the day.

The Dow added 151.83 points or 0.28 percent to finish at 54,036.93, while the NASDAQ jumped 342.26 points or 1.30 percent to end at 26,690.62 and the S&P 500 gained 47.68 points or 0.62 percent to close at 7,757.64.

For the week, the NASDAQ spiked 5.2 percent, the S&P 500 jumped 3.6 percent and the Dow rose 3 percent.

The strength on Wall Street came amid easing concerns about the outlook for interest rates after the Labor Department unexpectedly reported a modest decrease in U.S. employment in July.

While the report pointed to some weakness in the labor market, the data is also seen as decreasing the chances of the Federal Reserve raising interest rates next month.

Crude oil prices advanced on Friday amid lingering uncertainty in the Middle East following attacks by the Iran-aligned Houthis on a military camp in Yemen and in Saudi Arabia. West Texas Intermediate crude for September delivery was up $0.81 or 1.1 percent at $78.10 a barrel.