Thai Bourse Poised To Halt Losing Streak

(RTTNews) - The Thai stock market has moved lower in back-to-back sessions, sinking more than 20 points or 1.4 percent along the way. The Stock Exchange of Thailand now sits just above the 1,430-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is cautiously optimistic, with geopolitical concerns warring against optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The SET finished modestly lower on Monday as losses from the food, finance and technology stocks were mitigated by support from the energy companies.

For the day, the index lost 6.73 points or 0.47 percent to finish at 1,431.72 after trading between 1,423.17 and 1,435.79. Volume was 10.917 billion shares worth 47.477 billion baht. There were 385 decliners and 136 gainers, with 121 stocks finishing unchanged.

Among the actives, Banpu surged 2.58 percent, while Bangkok Bank rose 0.30 percent, Bangkok Dusit Medical slumped 0.93 percent, B. Grimm dropped 0.96 percent, BTS Group accelerated 2.10 percent, CP All Public stumbled 1.64 percent, Charoen Pokphand Foods tumbled 1.99 percent, Energy Absolute plunged 3.57 percent, Krung Thai Bank collected 0.52 percent, Krung Thai Card added 0.56 percent, PTT Oil & Retail rallied 1.68 percent, PTT jumped 1.57 percent, PTT Exploration and Production soared 4.58 percent, PTT Global Chemical sank 0.75 percent, SCG Packaging retreated 1.36 percent, Thai Oil spiked 2.14 percent, True Corporation shed 0.73 percent, TTB Bank skidded 1.18 percent and Kasikornbank, Siam Commercial Bank, Advanced Info, Gulf, Thailand Airport and Bangkok Expressway were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Monday, crossing the unchanged line midday and finishing firmly in the green.

The Dow jumped 197.07 points or 0.59 percent to finish at 33,604.65, while the NASDAQ climbed 52.90 points or 0.39 percent to close at 13,484.24 and the SP 500 added 27.16 points or 0.63 percent to end at 4,335.66.

The early weakness on Wall Street was the result of the violent clash between Israel and Hamas that started over the weekend.

However, the mood turned positive as worries about interest rates eased after Federal Reserve Vice Chair Philip Jefferson said the central bank needs to "proceed carefully to balance the risk of tightening too much."

But the mood in general was cautious with investors awaiting the inflation data later in the week. It could have a significant impact on the outlook for interest rates amid recent concerns the Federal Reserve will keep rates at an elevated level longer than previously anticipated.

Oil prices rose sharply on Monday amid concerns about disruptions to global oil supplies due to rising tensions in the Middle East. West Texas Intermediate Crude oil futures for November spiked $3.59 or 4.3 percent at $86.38 a barrel.