Thai Stock Market May Stop The Bleeding On Wednesday

(RTTNews) - The Thai stock market has moved lower in four straight sessions, sinking almost 30 points or 1.9 percent along the way. The Stock Exchange of Thailand now sits just above the 1,600-point plateau although it's tipped to open in the green on Wednesday.

The global forecast for the Asian markets is cautiously optimistic, with bargain hunting expected after days of heavy selling on recession fears. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The SET finished modestly lower again on Tuesday following losses from the energy companies and a mixed picture from the financial sector.

For the day, the index dropped 13.76 points or 0.85 percent to finish at 1,604.44 after trading between 1,597.03 and 1,621.54. Volume was 15.760 billion shares worth 58.702 billion baht. There were 1,339 decliners and 290 gainers, with 398 stocks finishing unchanged.

Among the actives, Asset World sank 0.81 percent, while Banpu improved 0.75 percent, Bangkok Bank collected 0.35 percent, Bangkok Dusit Medical dropped 0.88 percent, Bangkok Expressway shed 0.52 percent, BTS Group lost 0.60 percent, CP All Public skidded 1.14 percent, Charoen Pokphand Foods added 0.41 percent, Energy Absolute perked 0.25 percent, Gulf retreated 1.38 percent, IRPC gained 0.69 percent, Kasikornbank fell 0.69 percent, Krung Thai Bank slid 0.56 percent, Krung Thai Card declined 1.26 percent, PTT Oil & Retail plunged 2.56 percent, PTT Exploration and Production rose 0.30 percent, PTT Global Chemical stumbled 1.61 percent, SCG Packaging tumbled 1.79 percent, Siam Concrete was up 0.30 percent, Thai Oil weakened 0.47 percent, True Corporation slumped 0.84 percent, TTB Bank increased 0.74 percent and Advanced Info, Thailand Airport, B. Grimm, PTT and Siam Commercial Bank were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened lower, bounced back and forth across the unchanged line and finally moved into positive territory for good in the afternoon.

The Dow advanced 92.20 points or 0.28 percent to finish at 32,848,74, while the NASDAQ perked 1.08 points or 0.01 percent to close at 10,547.11 and the S&P 500 rose 3.96 points or 0.10 percent to end at 3,821.62.

The modest strength on Wall Street came as traders looked to pick up stocks at reduced levels following recent weakness. The major averages had closed lower for four consecutive session, ending Monday's trading at their lowest closing levels in over a month.

Buying interest remained somewhat subdued, however, with some traders reluctant to get back into the markets amid lingering concerns the Federal Reserve's aggressive interest rate hikes will tip the economy into a recession.

In economic news, the Commerce Department reported a decrease in new residential construction and building permits in the U.S. in November.

Crude oil bounced higher on Tuesday thanks to an improving demand outlook and a slightly weaker dollar. West Texas Intermediate rose $0.83 or 1.10 percent to $76.02 per barrel.