Thai Stock Market Tipped To Stop The Bleeding On Friday

(RTTNews) - The Thai stock market has finished lower in consecutive trading days, slipping more than 5 points or 0.3 percent in that span. The Stock Exchange of Thailand now sits just beneath the 1,560-point plateau although it's due for support on Friday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished slightly lower on Thursday as losses from the industrial, energy, financial, construction and food stocks were offset by gains among the technology shares.

For the day, the index eased 3.44 points or 0.22 percent to finish at 1,557.71 after trading between 1,555.54 and 1,566.14. Volume was 12.895 billion shares worth 47.162 billion baht. There were 406 decliners and 99 gainers, with 139 stocks finishing unchanged.

Among the actives, Asset World plummeted 6.42 percent, while Banpu stumbled 1.12 percent, Bangkok Bank and TTB Bank both lost 0.61 percent, Bangkok Dusit Medical advanced 0.88 percent, B. Grimm and PTT Exploration and Production both slid 0.66 percent, BTS Group gained 0.65 percent, Charoen Pokphand Foods shed 0.47 percent, Energy Absolute surrendered 1.98 percent, Gulf slumped 1.61 percent, Kasikornbank retreated 1.51 percent, Krung Thai Bank fell 0.51 percent, Krung Thai Card plunged 3.88 percent, PTT sank 0.79 percent, PTT Global Chemical declined 1.27 percent, SCG Packaging tanked 2.47 percent, Siam Commercial Bank dropped 0.93 percent, Siam Concrete skidded 1.19 percent, Thai Oil weakened 1.62 percent, True Corporation tumbled 2.19 percent and Advanced Info, PTT Oil & Retail, CP All Public, Thailand Airport and Bangkok Expressway were unchanged.

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

The Dow surged 428.73 points or 1.26 percent to finish at 34,408.06, while the NASDAQ jumped 156.34 points or 1.15 percent to end at 15,826.35 and the S&P 500 climbed 53.25 points or 1.22 percent to close at 4,425.84.

The rally on Wall Street reflected optimism about the outlook for interest rates following the release of some U.S. economic data. While the Federal Reserve forecast further rate hikes, traders seem hopeful the central bank will not follow through.

The optimism stemmed from a report from the Labor Department showing initial jobless claims held at their highest level last week since October 2021. A separate Labor Department report said import prices in the U.S. fell more than expected in May, also generating optimism about the outlook for inflation.

Crude oil prices rose sharply Thursday, buoyed by reports suggesting a jump in demand from Chinese refineries and additional stimulus from the Chinese central bank. The dollar's weakness also contributed to the jumped in oil prices. West Texas Intermediate Crude oil futures ended higher by $2.35 or 3.4 percent at $70.62 a barrel.