Thai Stock Market Tipped To Bounce Higher Again On Wednesday

(RTTNews) - The Thai stock market headed south again on Tuesday, one day after halting the five-day losing streak in which it had slumped almost 30 points or 1.9 percent. The Stock Exchange of Thailand now rests just beneath the 1,535-point plateau although it's predicted to rebound again on Wednesday.

The global forecast for the Asian markets is upbeat on bargain hunting and optimism ahead of earnings season. The European and U.S. markets were sharply higher and the Asian bourses are tipped to open in similar fashion.

The SET finished modestly lower on Tuesday following losses from the financial shares and a mixed picture from the energy producers.

For the day, the index slipped 11.38 points or 0.74 percent to finish at 1,533.43 points or 0.74 percent after trading between 1,520.77 and 1,541.55. Volume was 18.027 billion shares worth 57.674 billion baht. There were 1,194 decliners and 474 gainers, with 443 stocks finishing unchanged.

Among the actives, Advanced Info retreated 1.46 percent, while Thailand Airport sank 0.71 percent, Asset World shed 0.40 percent, Banpu gained 0.78 percent, B. Grimm tumbled 1.99 percent, BTS Group lost 0.57 percent, CP All Public dropped 0.81 percent, Charoen Pokphand Foods plunged 3.95 percent, Energy Absolute declined 1.56 percent, Gulf tanked 3.11 percent, Kasikornbank stumbled 1.42 percent, Krung Thai Card skidded 0.92 percent, PTT Oil & Retail surrendered 1.92 percent, PTT fell 0.72 percent, PTT Exploration and Production and IRPC both climbed 1.27 percent, PTT Global Chemical added 0.57 percent, SCG Packaging slumped 1.85 percent, Siam Commercial Bank plummeted 4.20 percent, Siam Concrete dipped 0.27 percent, Thai Oil jumped 1.50 percent, TTB Bank weakened 1.74 percent and Bangkok Bank, Bangkok Dusit Medical, Bangkok Expressway, Krung Thai Bank and True Corporation were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and only accelerated as the day progressed.

The Dow surged 754.44 points or 2.43 percent to finish at 31,827.05, while the NASDAQ spiked 353.10 points or 3.11 percent to close at 11,713.15 and the S&P 500 jumped 105.84 points or 2.76 percent to end at 3,936.69.

The rebound on Wall Street came as optimism about upcoming earnings news fueled a heavy wave of buying.

In earnings news, toymaker Hasbro (HAS) and oil services giant Halliburton (HAL) beat the street, while IBM Corp. (IBM) and Johnson & Johnson (JNJ) provided disappointing guidance.

In economic news, the Commerce Department unexpectedly reported a continued decline in housing starts in June.

Crude oil futures ended sharply higher Tuesday amid signs of tighter supplies in the global oil market, while the dollar's continued weakness also contributed to the sharp rise in oil prices. West Texas Intermediate Crude oil futures for August ended higher by $1.62 or 1.6 percent at $104.22 a barrel.