Thai Stock Market Has Firm Lead For Tuesday

(RTTNews) - The Thai stock market has finished lower in consecutive trading days, slumping almost 30 points or 2 percent in that span. The Stock Exchange of Thailand now rests just above the 1,425-point plateau although it's expected to make back some of what it lost on Tuesday.

The global forecast for the Asian markets is upbeat on optimism ahead of earnings and anticipated bargain hunting after a couple days of heavy selling. The European and U.S. markets were firmly higher and the Asian markets are expected to open in similar fashion.

The SET finished sharply lower on Monday following losses from the technology, energy, industrial, finance and food sectors.

For the day, the index tumbled 23.64 points or 1.63 percent to finish at 1,427.11 after trading between 1,416.21 and 1,446.26. Volume was 12.357 billion shares worth 56.239 billion baht. There were 476 decliners and 56 gainers, with 115 stocks finishing unchanged.

Among the actives, Advanced Info slid 0.45 percent, while Thailand Airport was down 2.55 percent, Asset World plunged 3.95 percent, Bangkok Bank declined 1.47 percent, Bangkok Dusit Medical dove 0.91 percent, Bangkok Expressway gave away 1.22 percent, B. Grimm plummeted 4.08 percent, BTS Group lost 0.67 percent, CP All Public crashed 3.78 percent, Charoen Pokphand Foods retreated 1.58 percent, Energy Absolute tanked 3.65 percent, Gulf tumbled 1.70 percent, Kasikornbank slumped 1.18 percent, Krung Thai Bank shed 0.51 percent, Krung Thai Card stumbled 1.61 percent, PTT Oil & Retail sank 1.61 percent, PTT lost 0.75 percent, PTT Exploration and Production jumped 1.78 percent, PTT Global Chemical slumped 1.48 percent, SCG Packaging weakened 1.42 percent, Siam Commercial Bank fell 0.48 percent, Siam Concrete dropped 1.00 percent, Thai Oil dipped 0.50 percent, True Corporation surrendered 2.82 percent, TTB Bank collected 0.58 percent and Banpu was unchanged.

The lead from Wall Street is strong as the major averages opened sharply higher on Monday pretty much stayed that way throughout the session.

The Dow jumped 314.25 points or 0.93 percent to finish at 33,984.54, while the NASDAQ rallied 160.75 points or 1.20 percent to end at 13,567.98 and the S&P 500 gained 45.85 points or 1.06 percent to close at 4,373.63.

The strength on Wall Street came as stocks rallied ahead of earnings updates from several top-ranked companies, shrugging off rising bond yields and concerns about the ongoing war in the Middle East.

Goldman Sachs, Bank of America, Tesla, Netflix and Johnson & Johnson are among the companies scheduled to announce their quarterly results this week.

In economic news, the New York Federal Reserve released a report showing a downturn in regional manufacturing activity in the month of October.

Crude oil prices fell on Monday, retreating after rising sharply in the previous session amid fears that the ongoing Israel-Hamas war might fuel a wider conflict in the Middle East. West Texas Intermediate Crude oil futures for November shed $1.03 or 1.2 percent at $86.66 a barrel.