Thai Stock Market Tipped To Bounce Higher Again On Thursday

(RTTNews) - The Thai stock market on Wednesday wrote a finish to the five-day winning streak in which it had collected almost 30 points or 1.9 percent. The Stock Exchange of Thailand now sits just above the 1,615-point plateau although it's looking at renewed support on Thursday.

The global forecast for the Asian markets is upbeat thanks to easing inflation concerns. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The SET finished slightly lower on Wednesday as losses from the financials and technology stocks were mitigated by support from the energy companies.

For the day, the index eased 1.59 points or 0.10 percent to finish at 1,617.21 after trading between 1,606.09 and 1,618.07. Volume was 17.855 billion shares worth 67.116 billion baht. There were 1,148 decliners and 573 gainers, with 487 stocks finishing unchanged.

Among the actives, Advanced Info retreated 1.46 percent, while Thailand Airport rose 0.35 percent, Asset World advanced 0.97 percent, Banpu surged 3.94 percent, B. Grimm added 0.63 percent, BTS Group gained 0.58 percent, CP All Public improved 0.82 percent, Charoen Pokphand Foods spiked 2.94 percent, Energy Absolute perked 0.30 percent, Gulf gathered 0.50 percent, IRPC increased 0.58 percent, Kasikornbank fell 0.33 percent, KCE Electronics plummeted 8.00 percent, Krung Thai Bank retreated 1.23 percent, Krung Thai Card sank 0.84 percent, PTT strengthened 1.38 percent, PTT Exploration and Production collected 0.64 percent, PTT Global Chemical was up 0.54 percent, SCG Packaging climbed 0.89 percent, Siam Commercial Bank tumbled 1.88 percent, Siam Concrete skidded 1.08 percent, Thai Oil rallied 2.45 percent, TTB Bank slumped 0.83 percent and Bangkok Bank, Bangkok Dusit Medical, Bangkok Expressway, PTT Oil & Retail and True Corporation were unchanged.

The lead from Wall Street is broadly positive as the major averages opened firmly higher on Wednesday and stayed that way throughout the day, ending at three-month closing highs.

The Dow spiked 535.10 points or 1.63 percent to finish at 33,309.51, while the NASDAQ surged 360.88 points or 2.89 percent to end at 12,854.80 and the S&P 500 jumped 87.77 points or 2.13 percent to close at 4,210.24.

The rally on Wall Street came after the Labor Department released a report showing U.S. consumer prices unexpectedly came in flat in the month of July.

The tamer than expected inflation data has led to speculation that the Federal Reserve may slow the pace of interest rate hikes at its September meeting.

Crude oil prices climbed higher on Wednesday, lifted by data showing a bigger-than-expected drop in gasoline inventories in the U.S. last week. A weak dollar and increased demand for gasoline also contributed to the jump in oil prices. West Texas Intermediate Crude oil futures ended higher by $1.43 or 1.6 percent at $91.93 a barrel.