Thai Stock Market Tipped To Open Under Water On Wednesday

(RTTNews) - The Thai stock market has moved higher in four straight sessions, collecting more than 40 points or 2.7 percent in that span. The Stock Exchange of Thailand now sits just beneath the 1,605-point plateau although it's likely to open to the downside on Wednesday.

The global forecast for the Asin markets is murky, with profit taking likely offset by sinking oil prices. The European and U.S. markets were mixed and little changed and the Asian markets are expected to follow that lead.

The SET finished modestly higher on Tuesday as gains from the industrial and technology sectors were capped by weakness among the food, consumer and resource companies.

For the day, the index added 6.41 point or 0.40 percent to finish at 1,604.44 after trading between 1,601.55 and 1,612.36. Volume was 9.221 billion shares worth 67.056 billion baht. There were 218 gainers and 210 decliners, with 221 stocks finishing unchanged.

The lead from Wall Street offers little clarity as the major averages opened mixed on Tuesday, faded midday but recover to end on oppositive sides of the line and largely unchanged.

The Dow sank 185.14 points or 0.36 percent to finish at 51,863.69, while the NASDAQ gained 122.18 points or 0.45 percent to close at a fresh record high of 27,244.28 and the S&P 500 eased 0.06 points or 0.00 percent to end at 7,764.64.

The early choppiness came as investors digested comments from U.S. President Donald Trump, who told the United Nations General Assembly that a deal with Iran may be possible after the midterm elections but said that he may instead just decide to "annihilate the Islamic Republic." He also spoke of setting up a "large military presence" on Greenland.

Stocks slumped in reaction but recovered later in the day as energy prices continued to fall, easing inflation concerns and the possibility of another interest rate hike from the Federal Reserve.

Crude oil prices fell on Tuesday, losing for a fifth straight session amid hopes that diplomatic efforts may end the conflict between U.S. and Iran. West Texas Intermediate crude for November delivery was down $5.20 or 5 percent to $90.50 per barrel.