Thai Stock Market Likely To Reverse Tuesday's Losses

(RTTNews) - The Thai stock market on Tuesday wrote a finish to the two-day winning streak in which it had risen almost 25 points or 1.9 percent. The Stock Exchange of Thailand now rests just above the 1,380-point plateau although it's expected to rebound again on Wednesday.

The global forecast for the Asian markets is cautiously optimistic ahead of the Federal Reserve's monetary policy announcement later today. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The SET finished sharply lower on Tuesday following losses from the food, finance, industrial, energy and technology sectors.

For the day, the index sank 14.02 points or 1.00 percent to finish at 1,381.83 after trading between 1,374.66 and 1,395.79. Volume was 10.096 billion shares worth 37.522 billion baht. There were 361 decliners and 151 gainers, with 140 stocks finishing unchanged.

Among the actives, Advanced Info added 0.46 percent, while Airport of Thailand slid 0.74 percent, Asset World tumbled 1.70 percent, Bangkok Bank dropped 0.94 percent, Bangkok Expressway stumbled 2.47 percent, Banpu lost 0.63 percent, BTS Group improved 0.68 percent, CP All Public retreated 1.34 percent, EA Energy gained 0.60 percent, Kasikornbank sank 0.75 percent, Krung Thai Bank skidded 1.05 percent, Krung Thai Card slumped 1.13 percent, PTT Oil & Retail fell 0.54 percent, PTT Exploration and Production plunged 2.96 percent, PTT Global Chemical tanked 2.82 percent, Siam Commercial Bank shed 0.51 percent, Siam Concrete shed 1.03 percent, Thai Oil surrendered 2.59 percent, True Corporation plummeted 7.63 percent, TTB Bank weakened 1.18 percent and Bangkok Medical, B Grimm, Charoen Pokphand Foods, Gulf, PTT and SCG Packaging were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Tuesday, moving into positive territory by midday and ending firmly in the green.

The Dow advanced 123.91 points or 0.38 percent to finish at 33,052.87, while the NASDAQ added 61.76 points or 0.48 percent to close at 12,851.24 and the S&P 500 gained 26.98 points or 0.65 percent to end at 4,193.80.

The early weakness on Wall Street reflected a negative reaction to a Labor Department report showing that employment costs jumped slightly more than expected in the third quarter.

Selling pressure waned shortly after the start of trading, however, as traders seemed reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement later today.

The subsequent rebound by stocks came as traders resumed Monday's bargain hunting, as stocks remain at relatively reduced levels despite the rally seen in the previous session.

Oil prices dropped on Tuesday, and posted a monthly loss as well, as concerns about the outlook for energy demand and a stronger dollar weighed on the commodity. West Texas Intermediate crude oil futures for December fell $1.29 or 1.6 percent at 81.02 a barrel, the lowest settlement in two months. WTI crude futures shed nearly 11 percent in October.