Thai Stock Market Set To Stop The Bleeding On Thursday

(RTTNews) - The Thai stock market has moved lower in four straight sessions, slipping more than 45 points or 3 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,600-point plateau although it may find traction on Thursday.

The global forecast for the Asian markets is upbeat following news of bond market intervention from the Bank of England. The European and U.S. markets were up and the oversold Asian bourses figure to follow suit.

The SET finished modestly lower on Wednesday following losses from the financial shares and the energy producers.

For the day, the index lost 11.35 points or 0.70 percent to finish at 1,599.23 after trading between 1,595.76 and 1,606.23. Volume was 19.579 billion shares worth 69.726 billion baht. There were 1,327 decliners and 537 gainers, with 415 stocks finishing unchanged.

Among the actives, Thailand Airport shed 0.68 percent, while Asset World sank 0.86 percent, Banpu tanked 2.36 percent, Bangkok Dusit Medical jumped 1.69 percent, Bangkok Expressway climbed 1.09 percent, B. Grimm shed 0.71 percent, BTS Group plunged 2.91 percent, CP All Public rose 0.44 percent, Energy Absolute advanced 0.85 percent, Gulf fell 0.47 percent, IRPC tumbled 1.89 percent, Kasikornbank skidded 1.03 percent, Krung Thai Bank declined 1.19 percent, Krung Thai Card dropped 0.85 percent, PTT Oil & Retail slumped 0.95 percent, PTT plummeted 4.76 percent, PTT Exploration and Production stumbled 1.52 percent, PTT Global Chemical surrendered 2.91 percent, SCG Packaging lost 2.79 percent, Siam Commercial Bank weakened 1.43 percent, Siam Concrete slid 0.91 percent, Thai Oil crashed 2.39 percent, True Corporation eased 0.40 percent and TTB Bank, Advanced Info, Bangkok Bank and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is broadly positive as the major averages opened mixed on Wednesday but accelerated shortly thereafter to finish solidly in the green.

The Dow surged 548.75 points or 1.88 percent to finish at 29,683.74, while the NASDAQ soared 222.13 points or 2.05 percent to end at 11,051.64 and the S&P 500 jumped 71.75 points or 1.97 percent to close at 3,719.04.

The rally on Wall Street reflected a positive reaction to the Bank of England's plans to begin temporarily purchasing long-dated U.K. government bonds to address dysfunction in the gilt market. In addition, the BoE postponed the selling of bonds held under the quantitative easing program to October 31.

Long-term U.K. bond yields have pulled back following the news, while U.S. treasury yields also moved sharply lower after surging in recent sessions. The yield on the benchmark 10-year note showed a steep drop after briefly topping 4.0 percent for the first time in over 12 years.

Stocks also benefited from a significant pullback by the U.S. dollar, with the U.S. dollar index tumbling by 1.2 percent. The greenback had recently reached new 20-year highs.

Crude oil prices rose sharply Wednesday after data showed a dip in U.S. crude inventories last week, and the dollar's sharp drop also contributed to the jump in oil prices. West Texas Intermediate Crude oil futures for November ended higher by $3.65 or 4.7 percent at $82.15 a barrel.