Win Streak May End For Thai Stock Market

(RTTNews) - The Thai stock market has moved higher in consecutive trading days, collecting almost a dozen points or 0.8 percent along the way. The Stock Exchange of Thailand now rests just above the 1,435-point plateau although it may spin its wheels on Thursday.

The global forecast for the Asian markets is broadly negative on geopolitical concerns and the dimming outlook for interest rates. The European and U.S. markets were sharply lower and the Asian bourses are expected to open in similar fashion.

The SET finished slightly higher on Wednesday following gains from the industrials, resource stocks and energy companies.

For the day, the index rose 4.45 points or 0.31 percent to finish at 1,437.85 after trading between 1,429.78 and 1,445.34. Volume was 12.802 billion shares worth 52.885 billion baht. There were 339 decliners and 156 gainers, with 144 stocks finishing unchanged.

Among the actives, Advanced Info strengthened 1.35 percent, while Thailand Airport gained 0.73 percent, Asset World retreated 1.64 percent, Banpu jumped 1.90 percent, Bangkok Bank collected 0.30 percent, Bangkok Dusit Medical increased 0.92 percent, Bangkok Expressway rose 0.61 percent, B. Grimm tanked 2.00 percent, BTS Group slumped 1.30 percent, CP All Public dropped 0.87 percent, Charoen Pokphand Foods shed 0.52 percent, Energy Absolute improved 1.60 percent, Gulf accelerated 1.73 percent, Kasikornbank fell 0.39 percent, Krung Thai Bank rallied 1.56 percent, Krung Thai Card climbed 1.08 percent, PTT skyrocketed 3.03 percent, PTT Exploration and Production surged 2.94 percent, PTT Global Chemical soared 2.99 percent, Siam Commercial Bank added 0.48 percent, Siam Concrete advanced 1.02 percent, Thai Oil spiked 3.50 percent and True Corporation, TTB Bank, SCG Packaging and PTT Oil & Retail were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Wednesday and remained in the red throughout the day.

The Dow tumbled 332.57 points or 0.98 percent to finish at 33,665.08, while the NASDAQ dropped 219.44 points or 1.39 percent to close at 13,314.30 and the S&P 500 sank 58.60 points or 1.34 percent to end at 4,314.60.

The weakness on Wall Street came amid rising tensions in the Middle East after a deadly missile attack on Al-Ahli Baptist Hospital in Gaza killed several hundred people.

Hamas tried to attribute the blast to an Israeli airstrike, but the Israeli military said with some evidence it was not involved and the explosion was caused by a misfired Palestinian rocket.

Higher bond yields added to the negative sentiment raising concerns about the outlook for interest rates.

On the U.S. economic front, the Commerce Department noted a substantial rebound in new residential construction in the U.S. in September.

Crude oil prices rose sharply Wednesday on rising concerns over supplies as geopolitical concerns escalated after the large explosion at the Gaza hospital. West Texas Intermediate Crude oil futures for November jumped $1.66 or 1.9 percent at $88.32 a barrel.