Thai Bourse Poised To End Losing Streak

(RTTNews) - The Thai stock market has moved lower in back-to-back sessions, sinking more than 15 points or 1.1 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,380-point plateau although it's expected to stock the bleeding 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 solidly higher and the Asian markets are expected to open in similar fashion.

The SET finished slightly lower on Wednesday following mild losses from the property, service and food sectors.

For the day, the index slipped 1.87 points or 0.14 percent to finish at 1,379.96 after trading between 1,373.20 and 1,388.01. Volume was 11.045 billion shares worth 38.093 billion baht. There were 238 gainers and 228 decliners, with 172 stocks finishing unchanged.

Among the actives, Advanced Info plummeted 3.64 percent, while Asset World skidded 1.16 percent, Banpu sank 0.66 percent, B. Grimm soared 2.26 percent, BTS Group retreated 1.34 percent, CP All Public added 0.45 percent, Charoen Pokphand Foods skidded 1.07 percent, Energy Absolute rallied 2.38 percent, Gulf jumped 1.73 percent, Kasikornbank collected 0.76 percent, Krung Thai Bank shed 0.53 percent, Krung Thai Card climbed 1.14 percent, PTT Oil & Retail fell 0.55 percent, PTT dropped 0.75 percent, PTT Exploration and Production slumped 0.61 percent, PTT Global Chemical improved 0.72 percent, SCG Packaging tanked 2.08 percent, Siam Commercial Bank lost 0.51 percent, Siam Concrete slid 0.35 percent, Thai Oil declined 1.06 percent, TTB Bank plunged 2.40 percent and Bangkok Bank, True Corporation, Bangkok Dusit Medical, Thailand Airport and Bangkok Expressway were unchanged.

The lead from Wall Street is strong as the major averages opened flat on Wednesday but took off as the day progressed, ending near session highs.

The Dow surged 221.71 points or 0.67 percent to finish at 33,274.58, while the NASDAQ rallied 210.23 points or 1.64 percent to end at 13,061.47 and the S&P 500 climbed 44.06 points or 1.05 percent to close at 4,237.86.

The strength on Wall Street came as stocks reacted positively to the Federal Reserve's widely expected decision to leave interest rates unchanged.

The accompanying statement suggested the Fed is still considering additional rate hikes in an effort to return inflation to its 2 percent objective, but traders seem optimistic the recent cycle of increase is over.

In economic news, payroll processor ADP said private sector employment in the U.S. increased less than expected in October. Also, the Institute for Supply Management said manufacturing activity in the U.S. unexpectedly contracted at a faster rate last month.

Oil futures settled lower on Wednesday, weighed down by concerns that higher borrowing costs will likely hurt growth and the outlook for fuel demand. West Texas Intermediate Crude oil futures for December ended down $$0.58 or 0.7 percent at $80.44 a barrel.