Thai Stock Market Tipped To End Losing Streak

(RTTNews) - The Thai stock market has finished lower in two straight sessions, slipping almost 8 points or 0.5 percent along the way. The Stock Exchange of Thailand now rests just above the 1,680-point plateau although it may stop the bleeding on Wednesday.

The global forecast for the Asian markets is upbeat on increasing optimism over the outlook for interest rates. The European markets were mixed and flat and the U.S. bourses were solidly higher and the Asian markets figure to split the difference.

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

For the day, the index eased 1.62 points or 0.10 percent to finish at 1,680.49 after trading between 1,676.14 and 1,689.51. Volume was 20.208 billion hares worth 61.477 billion baht. There were 1,010 decliners and 491 gainers, with 522 stocks finishing unchanged.

Among the actives, Advanced Info eased 0.25 percent, while Thailand Airport fell 0.34 percent, Banpu dropped 0.88 percent, Bangkok Bank dipped 0.31 percent, Bangkok Dusit Medical slumped 0.84 percent, Bangkok Expressway stumbled 1.54 percent, B. Grimm soared 2.52 percent, BTS Group was down 0.60 percent, Energy Absolute jumped 1.97 percent, Kasikornbank slid 0.35 percent, Krung Thai Bank skidded 1.15 percent, Krung Thai Card declined 1.28 percent, PTT sank 0.76 percent, PTT Exploration and Production added 0.61 percent, PTT Global Chemical improved 0.51 percent, Siam Commercial Bank lost 0.48 percent, Siam Concrete gained 0.60 percent, TTB Bank tanked 2.07 percent and CP All Public, Charoen Pokphand Foods and SCG Packaging were unchanged.

The lead from Wall Street is broadly positive as the major averages shook off flat morning trade on Tuesday, rallying in the afternoon.

The Dow jumped265.67 points or 0.78 percent to finish at 34,156.69, while the NASDAQ surged 226.34 points or 1.90 percent to end at 12,113.79 and the S&P 500 advanced 52.92 points or 1.29 percent to close at 4,164.00.

The late rally on Wall Street came in reaction to Federal Reserve Chair Jerome Powell's remarks at the Economic Club of Washington. In a Q&A session, Powell said he expects 2023 to be a year of "significant declines in inflation."

Powell said inflation is beginning to ease, though he expects it to be a long process and cautioned that interest rates could rise more than markets expect if the economic data doesn't cooperate.

Oil prices advanced Tuesday on expectations of higher energy demand from China, and on supply concerns following a massive earthquake in Turkey on Monday. West Texas Intermediate Crude oil futures for March ended higher by $3.02 or 4.1 percent at $77.14 a barrel, the highest close since January 31.