Thai Stock Market Poised To Snap Losing Streak

(RTTNews) - The Thai stock market has moved lower in two straight sessions, slipping more than 8 points or 0.6 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,440-point plateau although it's due for support on Wednesday.

The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The SET finished modestly lower on Tuesday following losses from the food, finance, industrial, property, service and resource sectors.

For the day, the index fell 5.06 points or 0.35 percent to finish at 1,438.25 after trading between 1,435.54 and 1,448.59. Volume was 9.638 billion shares worth 37.226 billion baht. There were 320 decliners and 168 gainers, with 182 stocks finishing unchanged.

Among the actives, Advanced Info stumbled 1.75 percent, while Thailand Airport dipped 0.41 percent, Banpu plunged 2.52 percent, Bangkok Bank skidded 1.01 percent, Bangkok Dusit Medical slid 1.90 percent, Bangkok Expressway crashed 1.97 percent, B. Grimm lost 0.47 percent, BTS Group rallied 2.91 percent, CP All Public was down 1.58 percent, Charoen Pokphand Foods tanked 2.04 percent, Energy Absolute plummeted 6.19 percent, Gulf surrendered 2.33 percent, Kasikornbank fell 0.33 percent, Krung Thai Bank dropped 0.98 percent, Krung Thai Card shed 0.54 percent, PTT Oil & Retail sank 0.69 percent, PTT declined 0.75 percent, PTT Exploration and Production weakened 1.16 percent, SCG Packaging tumbled 1.75 percent, Siam Concrete retreated 1.30 percent, True Corporation advanced 0.86 percent, TTB Bank slumped 1.10 percent and Siam Commercial Bank, PTT Global Chemical, Asset World and Thai Oil were unchanged.

The lead from Wall Street is positive as the major averages opened mixed on Tuesday but trended higher throughout the day and all finished in the green.

The Dow climbed 123.74 points or 0.28 percent to finish at a record 44,860.31, while the NASDAQ jumped 119.46 points or 0.63 percent to close at 19,174.30 and the S&P 500 improved 34.28 points or 0.57 percent to end at 6,021.63, also a record.

The higher close by the major averages came as the minutes of the Federal Reserve's latest monetary policy meeting revealed officials believe it will be appropriate to "gradually" lower interest rates.

The minutes said officials feel a gradual approach to lowering rates to a more neutral stance will be appropriate if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."

Oil prices drifted lower on Tuesday following reports Israel and Hezbollah are closer to reaching a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January closed down $0.17 at $68.77 a barrel.

Closer to home, Thailand will release October numbers for industrial production later today; in September, output was down 3.51 percent on year.