Thai Stock Market Overdue For Support On Tuesday

(RTTNews) - The Thai stock market has finished lower in seven straight sessions, sinking almost 90 points or 5.6 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,560-point plateau although it may finally stop the bleeding on Tuesday.

The global forecast for the Asian markets is upbeat, supported by bargain hunting, rising oil prices and falling treasury yields. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished sharply lower on Monday with damage across the board - especially among the financial shares.

For the day, the index tumbled 31.46 points or 1.98 percent to finish at 1,558.05 after trading between 1,556.73 and 1,592.72. Volume was 20.782 billion shares worth 82.448 billion baht. There were 1,601 decliners and 338 gainers, with 276 stocks finishing unchanged.

Among the actives, Advanced Info shed 1.54 percent, while Thailand Airport lost 1.03 percent, Asset World tumbled 3.45 percent, Banpu sank 1.63 percent, Bangkok Bank surrendered 2.93 percent, Bangkok Dusit Medical retreated 2.54 percent, Bangkok Expressway tanked 3.26 percent, B. Grimm declined 2.96 percent, BTS Group plunged 3.01 percent, CP All Public plummeted 3.56 percent, Charoen Pokphand Foods stumbled 3.20 percent, Energy Absolute slumped 2.55 percent, Gulf dropped 3.81 percent, IRPC climbed 1.28 percent, Kasikornbank weakened 2.43 percent, Krung Thai Bank fell 1.20 percent, Krung Thai Card slipped 0.87 percent, PTT Oil & Retail sank 0.97 percent, PTT Exploration and Production surged 2.49 percent, Siam Commercial Bank and SCG Packaging both declined 1.92 percent, Siam Concrete lost 1.84 percent, Thai Oil slumped 1.95 percent, TTB Bank was down 2.65 percent and PTT, PTT Global Chemical and True Corporation were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Monday and accelerated as the session progressed, ending near daily highs.

The Dow surged 765.38 points or 2.66 percent to finish at 29,490.89, while the NASDAQ soared 239.82 points or 2.27 percent to end at 10,815.43 and the S&P 500 jumped 92.81 points or 2.59 percent to close at 3,678.43.

The rally on Wall Street was largely due to hectic bargain hunting after recent sharp losses. Data showing that U.S. manufacturing activity slowed to its weakest pace in 30 months also helped ease concerns about aggressive monetary tightening by the Federal Reserve.

Also boosting stocks, the U.S. 10-year Treasury yield fell after British Prime Minister Liz Truss was forced to reverse course on a tax cut for the highest rate.

Crude oil prices rose sharply on Monday amid speculation that OPEC will discuss cutting crude output at their upcoming meeting on Wednesday. West Texas Intermediate Crude oil futures for November ended higher by $4.14 or 5.2 percent at $83.63 a barrel.