Thai Stock Market May Extend Tuesday's Gains

(RTTNews) - Ahead of Wednesday's holiday for Constitution Day, the Thai stock market had ended the three-day losing streak in which it had dropped more than 15 points or 1.2 percent. The Stock Exchange of Thailand now sits just beneath the 1,270-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is upbeat following the FOMC's rate decision and optimism over future moves. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished modestly higher on Tuesday following gains from the food, resource, service and technology sectors.

For the day, the index added 8.48 points or 0.67 percent to finish at the daily high of 1,269.87 after trading as low as 1,262.67. Volume was 4.340 billion shares worth 25.889 billion baht. There were 229 gainers and 209 decliners, with 217 stocks finishing unchanged.

Among the actives, Advanced Info jumped 1.64 percent, while Thailand Airport soared 1.89 percent, Bangkok Bank dropped 0.91 percent, Bangkok Dusit Medical improved 1.59 percent, Bangkok Expressway was down 0.92 percent, B. Grimm skyrocketed 7.30 percent, BTS Group gained 0.79 percent, Charoen Pokphand Foods shed 0.48 percent, Energy Absolute strengthened 1.53 percent, Gulf vaulted 1.24 percent, PTT Oil & Retail lost 0.76 percent, SCG Packaging rallied 1.33 percent, Siam Commercial Bank collected 0.38 percent, Siam Concrete retreated 1.39 percent, Thai Oil tanked 2.13 percent, True Corporation sank 0.89 percent, TTB Bank slumped 0.51 percent and Kasikornbank, Krung Thai Bank, Krung Thai Card, PTT Global Chemical, Asset World, Banpu, PTT, PTT Exploration and Production and CP All Public were unchanged.

The lead from Wall Street is positive as the major averages opened flat and hugged the line before taking off late in the day.

The Dow jumped 497.46 points or 1.05 percent to finish at 48,057.75, while the NASDAQ added 77.67 points or 0.33 percent to close at 23,654.16 and the S&P 500 gained 46.17 points or 0.67 percent to end at 6,886.68.

The late-day strength on Wall Street came after the Fed announced its widely expected decision to cut interest rates by another quarter point, matching the rate cuts seen in September and October.

While a majority of Fed officials voted to cut rates by another quarter point, three cast dissenting votes for the first time since September 2019. The central bank's latest summary of economic projections also showed significant divisions about the outlook for rates.

Despite the mixed views, traders seem optimistic about the outlook for rates, potentially reflecting hopes for a move dovish regime under President Donald Trump's new Fed Chair choice.

Crude oil prices edged higher Wednesday after the American Petroleum Institute said U.S. crude inventories decreased much more than expected. West Texas Intermediate crude for January delivery was up $0.20 or 0.34 percent at $58.45 per barrel.