Additional Support Expected For Thai Stock Market

(RTTNews) - The Thai stock market on Friday ended the two-day slide in which it had fallen more than 15 points or 1.2 percent. The Stock Exchange of Thailand now sits just above the 1,255-point plateau and it may pick up steam on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The SET finished modestly higher on Friday following gains from the financial, industrial and resource sectors.

For the day, the index rose 3.98 points or 0.32 percent to finish at 1,256.69 after trading between 1,251.14 and 1,264.11. Volume was 5.854 billion shares worth 30.846 billion baht. There were 267 gainers and 168 decliners, with 207 stocks finishing unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and remained in the green throughout the day for a fifth straight session.

The Dow jumped 289.30 points or 0.61 percent to finish at 47,716.42, while the NASDAQ rallied 151.00 points or 0.65 percent to end at 23,365.69 and the S&P 500 climbed 36.48 points or 0.54 percent to close at 6,849.09.

For the holiday-shortened week, the NASDAQ spiked 4.9 percent, the S&P 500 jumped 3.7 percent and the Dow climbed 3.2 percent.

Renewed optimism about the outlook for interest rates has contributed to the recent rebound following dovish comments from leading Federal Reserve officials. CME Group's FedWatch Tool is currently indicating an 86.9 percent chance the central bank will cut rates by another quarter point at its December meeting.

Trading activity remained somewhat subdued, however, as some traders remained away from their desks following the Thanksgiving holiday.

Crude oil prices edged higher on Friday a proposed peace deal to end the Russia-Ukraine war remains in limbo. West Texas Intermediate crude for January delivery was up $0.18 or 0.31 percent at $58.83 per barrel.