Thai Stock Market Poised To Extend Monday's Gains

(RTTNews) - The Thai stock market on Monday ended the four-day losing streak in which it had tumbled more than 35 points or 2.2 percent. The Stock Exchange of Thailand now rests just above the 1,630-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is cautiously optimistic as some traders believe the heavy selling in recent sessions has been overdone. 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 higher on Monday following gains from the financial shares and the energy producers.

For the day, the index rose 1.17 points or 0.07 percent to finish at 1,631.57 after trading between 1,628.96 and 1,638.68. Volume was 17.224 billion shares worth 60.159 billion baht. There were 1,242 decliners and 487 gainers, with 502 stocks finishing unchanged.

Among the actives, Advanced Info and Bangkok Expressway both skidded 1.04 percent, while Banpu plunged 2.92 percent, Bangkok Bank strengthened 1.49 percent, Bangkok Dusit Medical rallied 2.63 percent, BTS Group declined 1.13 percent, Carabao Group plummeted 4.10 percent, CP All Public retreated 1.27 percent, Gulf added 0.46 percent, Kasikornbank advanced 1.01 percent, Krung Thai Bank climbed 1.19 percent, Krung Thai Card sank 0.83 percent, PTT Exploration and Production gained 0.90 percent, PTT Global Chemical shed 0.56 percent, SCG Packaging slumped 1.35 percent, Siam Commercial Bank collected 0.95 percent, Siam Concrete weakened 1.17 percent, True Corporation was down 1.22 percent and TTB Bank, Thailand Airport, Asset World, Charoen Pokphand Foods, Energy Absolute, IRPC, PTT Oil & Retail, PTT and Thai Oil were unchanged.

The lead from Wall Street ends up positive as the major averages opened lower on Monday, bounced back and forth across the unchanged line before ending in the green.

The Dow jumped 197.26 points or 0.64 percent to finish at 31,019.68, while the NASDAQ jumped 86.62 points or 0.76 percent to close at 11,535.02 and the S&O 500 gained 26.56 points or 0.69 percent to end at 3,899.89.

Trading activity was subdued as traders looked ahead to the Federal Reserve's highly anticipated monetary policy announcement on Wednesday. The Fed is widely expected to raise interest rates by another 75 basis points, although some see an outside chance for a 100 basis point rate hike.

A number of other major central banks around the world are also scheduled to announce their latest monetary policy decisions this week, including the Bank of England and the Bank of Japan.

Traders largely shrugged off a report from the National Association of Home Builders showing U.S. homebuilder confidence declined for the ninth consecutive month in September.

Oil prices recovered Monday after falling sharply, rebounding to end on a firm note amid concerns about supplies. A fairly steady dollar amid possible sharp hikes in interest rates limited oil's upside. West Texas Intermediate Crude oil futures for October ended higher by $0.62 or 0.7 percent at $85.73 a barrel.