Thai Stock Market May Stop The Bleeding On Thursday

(RTTNews) - The Thai stock market has moved lower in four straight sessions, slipping more than 20 points or 1.3 percent along the way. The Stock Exchange of Thailand now rests just shy of the 1,415-point plateau although it's expected to bounce higher on Thursday.

The global forecast for the Asian markets is cautiously ahead of key U.S. inflation data later this week, which will affect the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished slightly lower on Wednesday as losses from the financials, properties and technology stocks were offset by gains among the industrials and resource companies.

For the day, the index dipped 1.41 points or 0.10 percent to finish at 1,413.52 after trading between 1,410.21 and 1,418.33. Volume was 14.190 billion shares worth 45.490 billion baht. There were 237 decliners and 219 gainers, with 192 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.46 percent, while Thailand Airport rose 0.40 percent, Banpu strengthened 1.54 percent, Bangkok Bank plunged 2.91 percent, Bangkok Dusit Medical advanced 0.91 percent, Bangkok Expressway jumped 1.89 percent, B. Grimm soared 2.91 percent, CP All Public lost 0.46 percent, Charoen Pokphand Foods rallied 1.60 percent, Energy Absolute added 0.58 percent, Gulf surged 2.27 percent, Kasikornbank tanked 2.26 percent, Krung Thai Bank surrendered 2.14 percent, PTT Exploration and Production declined 1.33 percent, PTT Global Chemical gained 0.68 percent, SCG Packaging sank 0.71 percent, Siam Commercial Bank tumbled 1.89 percent, Siam Concrete retreated 1.68 percent, Thai Oil climbed 1.43 percent, TTB Bank stumbled 2.41 percent and Krung Thai Card, Asset World, True Corporation, PTT Oil & Retail, PTT and BTS Group were unchanged.

The lead from Wall Street is positive as the major averages opened slightly higher on Wednesday and accelerated throughout the session.

The Dow jumped 170.57 points or 0.45 percent to finish at 37,695.73, while the NASDAQ rallied 111.94 points or 0.75 percent to end at 14,969.65 and the S&P 500 gained 26.95 points or 0.57 percent to close at 4,783.45.

The strength on Wall Street may have reflected optimism ahead of the release of key U.S. inflation data in the comings days.

The Labor Department's reports on consumer and producer price inflation, which are due to be released on Thursday and Friday, respectively, could have a significant impact on the outlook for interest rates.

With economists expecting the reports to show slowdowns in the annual rate of core price growth, the data could bolster optimism about near-term rate cuts by the Federal Reserve.

Crude oil prices dropped on Wednesday after data showed an unexpected increase in U.S. crude inventories. West Texas Intermediate Crude oil futures for February delivery ended down $0.87 at $71.37 a barrel.