Win Streak May Continue For Thai Stock Market

(RTTNews) - The Thai stock market has moved higher in two straight sessions, collecting almost 20 points or 1.2 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,640-point plateau and it's predicted to extend its gains on Thursday.

The global forecast for the Asian markets is upbeat on bargain hunting and easing concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to split the difference.

The SET finished slightly higher on Wednesday following gains from the food and property stocks, while the financials and energy companies were down on profit taking.

For the day, the index added 6.05 points or 0.37 percent to finish at 1,639.92 after trading between 1,628.80 and 1,641.25. Volume was 21.688 billion shares worth 71.204 billion baht. There were 1,093 decliners and 569 gainers, with 552 stocks finishing unchanged.

Among the actives, Thailand Airport rose 0.35 percent, while Asset World advanced 0.88 percent, Banpu tumbled 2.07 percent, Bangkok Bank tanked 2.19 percent, Bangkok Dusit Medical improved 0.86 percent, Bangkok Expressway strengthened 1.69 percent, B. Grimm shed 0.68 percent, BTS Group jumped 1.73 percent, CP All Public climbed 1.26 percent, Charoen Pokphand Foods gathered 0.97 percent, IRPC skidded 1.20 percent, Kasikornbank surrendered 1.99 percent, Krung Thai Bank declined 1.18 percent, Krung Thai Card perked 0.42 percent, PTT lost 0.67 percent, PTT Exploration and Production slid 0.30 percent, SCG Packaging sank 0.46 percent, Siam Concrete eased 0.28 percent, Thai Oil plunged 2.97 percent, True Corporation soared 2.17 percent, TTB Bank slumped 1.57 percent and Advanced Info, Energy Absolute, Gulf, PTT Oil & Retail, PTT Global Chemical and Siam Commercial Bank were unchanged.

The lead from Wall Street is broadly positive as the major averages opened slightly higher on Wednesday but accelerated as the day progressed, ending near session highs.

The Dow surged 435.98 points or 1.40 percent to finish at 31,581.28, while the NASDAQ rallied 246.99 points or 2.14 percent to end at 11,791.90 and the S&P 500 jumped 71.68 points or 1.83 percent to close at 3,979.87.

The rally on Wall Street came as traders looked to pick up stocks at reduced levels following recent weakness, which dragged the major averages down to their lowest levels in over a month; traders may now feel that interest rate concerns have been priced into the markets.

The rebound also came amid a pullback by treasury yields, with the yield on the benchmark ten-year note receding after reaching a nearly three-month high on Tuesday.

Stocks saw further upside following the release of the Federal Reserve's Beige Book, which said economic activity in the U.S. has been essentially unchanged since early July. Also, the Commerce Department said the U.S. trade deficit narrowed significantly in July.

Crude oil prices fell sharply on Wednesday on concerns about the outlook for energy demand amid rising fears of a global recession. West Texas Intermediate Crude oil futures for October ended lower by $4.94 or 5.7 percent at $81.94 a barrel, the lowest settlement since January 11.