Thai Shares May Bounce Higher Again On Thursday

(RTTNews) - The Thai stock market has alternated between positive and negative finishes through the last eight trading days since the end of the two-day slide in which it had tumbled almost 40 points or 3.2 percent. The Stock Exchange of Thailand now sits just above the 1,160-point plateau although it figures to rebound again on Thursday.

The global forecast for the Asian markets is positive on bargain hunting and an improved outlook for interest rates. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow the former lead.

The SET finished sharply lower on Wednesday following losses from the food, consumer, financial, industrial, property, resource, service and technology sectors.

For the day, the index plunged 27.57 points or 2.32 percent to finish at 1,160.06 after trading between 1,158.17 and 1,186.57. Volume was 9.397 billion shares worth 46.369 billion baht. There were 401 decliners and 108 gainers, with 153 stocks finished unchanged.

Among the actives, Advanced Info tumbled 1.85 percent, while Thailand Airport lost 2.45 percent, Asset World and Bangkok Bank both shed 0.68 percent, Banpu surrendered 2.73 percent, Bangkok Dusit Medical climbed 1.28 percent, Bangkok Expressway crashed 6.78 percent, B. Grimm declined 2.46 percent, BTS Group contracted 4.24 percent, CP All Public weakened 1.46 percent, Charoen Pokphand Foods advanced 0.83 percent, Energy Absolute plunged 4.58 percent, Gulf plummeted 5.58 percent, Kasikornbank rose 0.33 percent, Krung Thai Bank collected 0.88 percent, Krung Thai Card stumbled 2.11 percent, PTT Oil & Retail cratered 3.67 percent, PTT slumped 2.68 percent, PTT Exploration and Production dropped 1.83 percent, PTT Global Chemical retreated 1.65 percent, Siam Concrete rallied 1.63 percent, Thai Oil sank 2.91 percent, True Corporation tanked 3.64 percent and TTB Bank, Siam Commercial Bank and SCG Packaging were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened higher on Wednesday before dipping and then rebounding to finally end mixed.

The Dow sank 82.55 points or 0.20 percent to finish at 41,350.93, while the NASDAQ rallied 212.35 points or 1.22 percent to close at 17,648.45 and the S&P 500 gained 27.23 points or 0.49 percent to end at 5,599.30.

The early strength on Wall Street followed the release of the closely watched Labor Department report showing consumer prices in the U.S. increased slightly less than expected in February.

The tamer-than-expected inflation data led to some optimism about the Federal Reserve resuming interest rate cuts in the near future.

Buying interest was somewhat subdued, however, as concerns about the impact of new trade policies continue to weigh on the markets.

Oil prices moved higher on Wednesday after data showed a smaller than expected increase in U.S. crude oil inventories last week. West Texas Intermediate Crude oil futures for April closed higher by $1.43 or 2.16 percent at $67.68 a barrel.