Thai Stock Market Tipped To Open In The Green

(RTTNews) - The Thai stock market on Tuesday snapped the two-day slide in which it had fallen more than 20 points or 1.4 percent. The Stock Exchange of Thailand now sits just beneath the 1,435-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is positive on optimism over the outlook for interest rates and easing bond yields. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The SET finished slightly higher on Tuesday as gains from the energy and technology stocks were offset by weakness from the food and financial shares.

For the day, the index rose 2.73 points or 0.19 percent to finish at 1,434.45 after trading between 1,429.92 and 1,442.03. Volume was 10.997 billion shares worth 40.851 billion baht. There were 275 decliners and 202 gainers, with 165 stocks finishing unchanged.

Among the actives, Advanced Info dipped 0.45 percent, while Thailand Airport eased 0.36 percent, Asset World skidded 1.09 percent, Banpu dropped 0.63 percent, Bangkok Bank dropped 0.89 percent, BTS Group slumped 2.05 percent, CP All Public retreated 1.25 percent, Charoen Pokphand Foods plummeted 5.58 percent, Energy Absolute climbed 1.06 percent, Gulf added 0.58 percent, Kasikornbank fell 0.39 percent, Krung Thai Bank shed 0.52 percent, Krung Thai Card strengthened 1.67 percent, PTT perked 0.78 percent, PTT Global Chemical improved 0.76 percent, SCG Packaging plunged 4.83 percent, Siam Commercial Bank lost 0.49 percent, Siam Concrete slid 0.66 percent, Thai Oil soared 3.66 percent, True Corporation gained 0.74 percent and TTB Bank, B. Grimm, PTT Oil & Retail, PTT Exploration and Production, Bangkok Dusit Medical and Bangkok Expressway were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Tuesday and accelerated as the day progressed, although late profit taking saw them end well off session highs.

The Dow climbed 134.65 points or 0.40 percent to finish at 33,739.30, while the NASDAQ gained 78.60 points or 0.58 percent to close at 13,562.84 and the S&P 500 added 22.58 points or 0.52 percent to end at 4,358.24.

Despite concerns about the ongoing war in the Middle East, the mood on Wall Street was fairly positive as dovish comments from some Federal Reserve officials lowered expectations for further interest rate hikes and pushed down bond yields.

In economic news, the International Monetary Fund downgraded its global growth forecast for next year, saying the projections are weakest in decades, while the likelihood of a soft-landing has increased with growing divergences amid modestly easing inflationary pressures.

Crude oil prices fell on Tuesday as traders assessed the likely impact of potential supply disruptions due to the ongoing war in the Middle East. West Texas Intermediate Crude oil futures for November shed $0.41 or 0.5 percent at $85.97 a barrel.