Thai Stock Market May Run Out Of Steam On Thursday

(RTTNews) - The Thai stock market has finished higher in back-to-back sessions, advancing more than 20 points or 1.4 percent along the way. The Stock Exchange of Thailand now rests just above the 1,580-point plateau although it may be stuck in neutral on Thursday. The global forecast for the Asian markets is soft on recession fears and concerns about the outlook for interest rates. The European and U.S. markets were modestly lower and the Asian bourses are tipped to follow suit.

The SET finished slightly higher on Wednesday following gains from the financial shares and energy producers. For the day, the index rose 2.27 points or 0.14 percent to finish at 1,580.27 after trading between 1,576.71 and 1,590.34. Volume was 18.898 billion shares worth 59.395 billion baht. There were 829 decliners and 807 gainers, with 568 stocks finishing unchanged. Among the actives, Advanced Info retreated 1.55 percent, while Bangkok Bank climbed 1.11 percent, Bangkok Dusit Medical dropped 0.85 percent, Bangkok Expressway shed 0.56 percent, B. Grimm declined 1.54 percent, CP All Public jumped 1.85 percent, Charoen Pokphand Foods strengthened 1.65 percent, Energy Absolute improved 1.16 percent, Gulf tumbled 1.96 percent, Kasikornbank fell 0.35 percent, Krung Thai Bank rose 0.20 percent, Krung Thai Card added 0.50 percent, PTT Exploration and Production rallied 1.82 percent, SCG Packaging gained 0.49 percent, Siam Commercial Bank collected 0.48 percent, Siam Concrete perked 0.31 percent, Thai Oil gathered 1.46 percent, True Corporation skidded 0.99 percent and TTB Bank, Thailand Airport, Asset World, Banpu, BTS Group, IRPC, PTT Oil & Retail, PTT and PTT Global Chemical were unchanged.

The lead from Wall Street suggests mild consolidation as the major averages opened sharply lower but clawed their way back as the day progressed to end only slightly in the red.

The Dow shed 42.45 points or 0.14 percent to finish at 30,273.87, while the NASDAQ lost 27.77 points or 0.25 percent to end at 11,148.64 and the S&P 500 dipped 7.65 points or 0.20 percent to close at 3,783.28.

The early weakness on Wall Street came as central banks around the world appear poised to continue raising interest in the months ahead, potentially tipping the global economy into a recession as they combat elevated inflation.

A rebound by treasury yields also weighed on the markets, with the yield on the benchmark 10-year note regaining ground after easing in the two previous sessions. Selling pressure waned over the course of the session, however, as traders may feel the economic worries have been overdone.

Upbeat U.S. economic data has added to worries the Federal Reserve will continue to aggressively raising interest rates going into the end of the year as payroll processor ADP said private sector employment in the U.S. increased slightly more than expected in September.

Crude oil prices climbed higher on Wednesday after OPEC agreed to impose output cuts, aiming to spur a recovery in oil prices. West Texas Intermediate Crude oil futures for November climbed $1.24 or 1.4 percent at $87.76 a barrel.

Closer to home, Thailand will see September results for its consumer confidence index later today; in August, the index score was 43.7.