Thai Stock Market May Challenge Resistance At 1,600 Points

(RTTNews) - The Thai stock market on Tuesday halted the seven-day losing streak in which it had tumbled almost 90 points or 5.6 percent. The Stock Exchange of Thailand now rests just beneath the 1,580-point plateau and it's predicted to extend its gains on Wednesday.

The global forecast for the Asian markets is upbeat on continued bargain hunting, particularly among the technology stocks and energy companies. The European and U.S. markets were sharply higher and the Asian bourses are predicted to follow that lead.

The SET finished sharply higher on Tuesday with gains across the board, especially among the financial shares and energy producers.

For the day, the index climbed 19.95 points or 1.28 percent to finish at 1,578.00 after trading between 1,567.48 and 1,584.57. Volume was 18.039 billion shares worth 64.005 billion baht. There were 984 gainers and 570 decliners, with 535 stocks finishing unchanged.

Among the actives, Advanced Info added 0.52 percent, while Thailand Airport gained 0.70 percent, Asset World accelerated 2.68 percent, Banpu rallied 2.48 percent, Bangkok Bank jumped 1.89 percent, Bangkok Dusit Medical strengthened 1.74 percent, Bangkok Expressway increased 0.56 percent, B. Grimm sank 0.76 percent, CP All Public shed 0.46 percent, Charoen Pokphand Foods rose 0.41 percent, Energy Absolute perked 0.29 percent, Gulf advanced 0.99 percent, IRPC tumbled 1.90 percent, Kasikornbank collected 1.42 percent, Krung Thai Bank climbed 1.21 , Krung Thai Card fell 0.44 percent, PTT Oil & Retail improved 1.96 percent, PTT gathered 1.47 percent, PTT Exploration and Production was up 0.30 percent, PTT Global Chemical added 0.60 percent, SCG Packaging gained 0.49 percent, Siam Commercial Bank climbed 1.47 percent, Thai Oil soared 2.49 percent, TTB Bank increased 0.84 percent and BTS Group, Siam Concrete and True Corporation were unchanged.

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

The Dow surged 825.43 points or 2.80 percent to finish at 30,316.32, while the NASDAQ soared 360.97 points or 3.34 percent to end at 11,176.41 and the S&P 500 spiked 112.50 points or 3.06 percent to close at 3,790.93.

The continued strength on Wall Street came as investors scooped up bargains following a brutal September. The rally was also fueled by a lower dollar and falling treasury yields.

Traders also continue to bet that the Federal Reserve may slow the pace of its interest rate hikes on the heels of some disappointing economic data earlier in the week.

Crude oil prices rose sharply Tuesday, extending gains from the previous session as traders continued to bet on hopes the OPEC will agree to a large cut in crude output later today. West Texas Intermediate Crude oil futures for November settled at $86.52 a barrel, up $2.89 or 3.5 percent.

Closer to home, Thailand will provide September numbers for consumer prices later today; in August, overall inflation rose 0.05 percent on month and 7.86 percent on year, while core CPI added an annual 3.15 percent.