Thai Stock Market Tipped To Extend Wednesday's Gains

(RTTNews) - The Thai stock market on Wednesday wrote a finish to the four-day losing streak in which it had stumbled more than 25 points or 1.5 percent. The Stock Exchange of Thailand now rests just above the 1,415-point plateau and it's got a positive lead again for Thursday's trade.

The global forecast for the Asian markets is cautiously optimistic thanks to the improving outlook for interest rates. The European and U.S. markets were slightly higher and the Asian bourses are expected to open in similar fashion.

The SET finished sharply higher on Wednesday following gains from the food, industrial, property, resource and technology sectors.

For the day, the index spiked 29.13 points or 2.10 percent to finish at 1,415.17 after trading between 1,400.26 and 1,416.89. Volume was 13.305 billion shares worth 63.753 billion baht. There were 427 gainers and 84 decliners, with 129 stocks finishing unchanged.

Among the actives, Advanced Info tumbled 2.24 percent, while Thailand Airport perked 0.37 percent, Asset World accelerated 4.00 percent, Banpu strengthened 1.24 percent, Bangkok Bank shed 0.66 percent, Bangkok Dusit Medical added 2.91 percent, Bangkok Expressway was up 1.27 percent, B. Grimm skyrocketed 5.13 percent, CP All Public gained 3.62 percent, Charoen Pokphand Foods jumped 2.20 percent, Energy Absolute exploded 9.47 percent, Gulf climbed 2.81 percent, Krung Thai Bank skidded 1.08 percent, Krung Thai Card surged 4.28 percent, PTT Oil & Retail perked 0.52 percent, PTT increased 1.48 percent, PTT Global Chemical soared 4.11 percent, SCG Packaging improved 2.74 percent, Siam Concrete rose 0.69 percent, Thai Oil advanced 2.05 percent, True Corporation rallied 2.59 percent, TTB Bank spiked 2.50 percent and Kasikornbank, Siam Commercial Bank, PTT Exploration and Production and BTS Group were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened higher on Wednesday and stayed largely in the green although finished with limited gains.

The Dow jumped 163.51 points or 0.47 percent to finish at 34,991.21, while the NASDAQ rose 9.45 points or 0.07 percent to close at 14,103.84 and the S&P 500 perked 7.18 points or 0.16 percent to end at 4,502.88.

The continued strength on Wall Street came as the latest inflation data added to optimism about the outlook for interest rates - especially after the Labor Department reported an unexpected decrease in U.S. producer prices in October.

Following Tuesday's tamer than expected consumer price inflation data, the latest report reinforced expectations that the Federal Reserve is done raising interest rates.

In economic news, the Commerce Department said retail sales in the U.S. edged slightly lower in October.

Crude oil prices tumbled on Wednesday after data showed a sharp increase in U.S. crude stockpiles and a big jump in crude production. West Texas Intermediate Crude oil futures for December lost $1.60 or 2 percent at $76.66 a barrel, falling for the first time in five sessions.