Thai Stock Market Expected To Halt Losing Streak

(RTTNews) - The Thai stock market has moved lower in four straight sessions, stumbling more than 25 points or 1.5 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,390-point plateau although it's expected to stop the bleeding on Wednesday.

The global forecast for the Asian markets is upbeat on better than expected U.S. inflation data, which fueled optimism over interest rates. The European and U.S. markets were firmly higher and the Asian bourses figure to follow suit.

The SET finished slightly lower on Tuesday as losses from the technology, food and industrial sectors were offset by support from the financials and resource stocks.

For the day, the index eased 1.09 points or 0.08 percent to finish at 1,386.04 after trading between 1,377.69 and 1,393.20. Volume was 12.147 billion shares worth 47.585 billion baht. There were 281 decliners and 202 gainers, with 161 stocks finishing unchanged.

Among the actives, Advanced Info dropped 0.89 percent, while Thailand Airport improved 0.74 percent, Asset World stumbled 1.13 percent, Banpu added 0.63 percent, Bangkok Bank dropped 0.97 percent, Bangkok Dusit Medical jumped 1.98 percent, B. Grimm tanked 2.09 percent, BTS Group increased 0.69 percent, Charoen Pokphand Foods skidded 1.09 percent, Energy Absolute plummeted 4.52 percent, Gulf declined 1.11 percent, Kasikornbank rose 0.38 percent, Krung Thai Card climbed 1.08 percent, PTT Oil & Retail skyrocketed 6.08 percent, PTT strengthened 1.50 percent, PTT Exploration and Production rallied 1.25 percent, PTT Global Chemical gained 0.69 percent, Siam Commercial Bank collected 0.51 percent, Thai Oil soared 2.63 percent, True Corporation sank 0.85 percent, TTB Bank shed 0.62 percent and Krung Thai Bank, SCG Packaging, Siam Concrete, CP All Public and Bangkok Expressway were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher on Tuesday and stayed that way throughout the session.

The Dow surged 489.83 points or 1.43 percent to finish at 34,827.70, while the NASDAQ rallied 326.64 points or 2.37 percent to end at 14,094.38 and the S&P 500 jumped 84.15 points or 1.91 percent to close at 4,495.70.

The rally on Wall Street came following the release of the Labor Department's highly anticipated report on consumer price inflation in October, which came in lower than expected.

The report may provide the Federal Reserve with confidence that inflation is on a downward trajectory, so further rate hikes may not be necessary.

Treasury yields moved sharply lower following the release of the report, adding to the buying interest on Wall Street.

Crude oil futures failed to hold gains and settled flat on Tuesday as traders reacted to a report from the International Energy Agency that oil markets won't be as tight as expected this quarter. West Texas Intermediate Crude oil futures for December settled at $78.26 a barrel, unchanged from the previous close.