Thai Stock Market Tipped To Open In The Green

(RTTNews) - The Thai stock market on Wednesday ended the six-day losing streak in which it had tumbled more than 85 points or 5.5 percent. The Stock Exchange of Thailand now sits just above the 1,500-point plateau and it's expected to open to the upside again on Thursday.

The global forecast for the Asian markets is positive on plummeting oil prices following the U.S. midterm elections. The European and U.S. markets were sharply higher and the Asian bourses are expected to open in similar fashion.

The SET finished modestly higher on Wednesday following gains from the food, consumer, financial, property, services and technology sectors.

For the day, the index improved 11.08 points or 0.74 percent to finish at 1,502.09 after trading between 1,470.06 and 1,504.05. Volume was 13.169 billion shares worth 76.971.32. There were 315 gainers and 113 decliners, with 218 stocks finishing unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and stayed firmly in the green throughout the trading day, ending near session highs.

The Dow surged 1,569.40 points or 3.03 percent to finish at 53,356.12, while the NASDAQ jumped 364.50 points or 1.44 percent to close at 25,736.51 and the S&P 500 rallied 119.70 points or 1.58 percent to end at 7,688.62.

The rally on Wall Street was a positive reaction to the Democrats' decisive victory in the midterm elections on Tuesday after they won control of both the House and Senate after flipping several seats in traditionally Republican states.

In U.S. economic news, payroll processor ADP said private sector employment in the U.S. grew by more than expected in October. Also, the Institute for Supply Management said service sector growth saw a modest slowdown last month.

Crude oil prices tumbled on Wednesday, losing the geopolitical risk premium as a comfortable victory for the Democrat party in the U.S. midterm elections eased concerns of renewed U.S.-Iran escalation. West Texas Intermediate crude for December delivery was down $8.39 or 8.73 percent at $87.70 per barrel.