Thai Stock Market May Earn Back Friday's Losses

(RTTNews) - The Thai stock market on Friday snapped the two-day winning streak in which it had gained more than 15 points or 1.2 percent. The Stock Exchange of Thailand now sits just beneath the 1,280-point plateau although it may bounce higher again on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished modestly lower on Friday as losses from the financials, industrials and technology stocks were offset by support from the food and consumer sectors.

For the day, the index sank 9.52 points or 0.74 percent to finish at 1,278.74 after trading between 1,278.20 and 1,288.13. Volume was 6.658 billion shares worth 36.245 billion baht. There were 228 decliners and 219 gainer, with 202 stocks finishing unchanged.

Among the actives, Advanced Info dipped 0.34 percent, while Thailand Airport tumbled 1.88 percent, Asset World improved 0.85 percent, Banpu advanced 0.88 percent, Bangkok Bank shed 0.67 percent, Bangkok Dusit Medical slumped 0.49 percent, B. Grimm lost 0.72 percent, Charoen Pokphand Foods added 0.45 percent, Energy Absolute plunged 3.85 percent, Gulf skidded 1.14 percent, Kasikornbank fell 0.30 percent, PTT Oil & Retail surged 5.84 percent, PTT Global Chemical dropped 0.94 percent, Siam Commercial Bank slipped 0.39 percent, Siam Concrete sank 0.88 percent, Thai Oil rallied 1.38 percent and True Corporation, TTB Bank, Krung Thai Bank, Krung Thai Card, SCG Packaging, PTT, PTT Exploration and Production, CP All Public, Bangkok Expressway and BTS Group were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and spent most of the day in the green.

The Dow jumped 299.97 points or 0.65 percent to finish at 46,247.29, while the NASDAQ advanced 99.37 points or 0.44 percent to close at 22,484.07 and the S&P 500 gained 38.98 points or 0.59 percent to end at 6,643.70.

For the week, the NASDAQ slid 0.7 percent, the S&P fell 0.3 percent and the Dow dipped 0.2 percent.

The strength on Wall Street reflected a positive reaction to a closely watched Commerce Department report showing consumer prices rose in line with economist estimates in August.

The data helped increase confidence that the Federal Reserve will continue lowering interest rates in the coming months.

Crude oil prices advanced on Friday as Russia restricted fuel exports by introducing a partial ban on diesel exports until the end of 2025. West Texas Intermediate crude for November delivery was up $0.59 or 0.91 percent at $65.57 per barrel.