Thai Shares Tipped To Bounce Higher Again On Monday

(RTTNews) - The Thai stock market on Friday snapped the modest two-day winning streak in which it had risen just 2 points or 0.16 percent. The Stock Exchange of Thailand now sits just beneath the 1,550-point plateau although it's likely to see renewed support on Monday.

The global forecast for the Asian markets is cautiously optimistic, with bargain hunting expected to support the more oversold bourses. The European and U.S. markets were up and the Asian markets figure to open in similar fashion.

The SET finished slightly lower as losses from the energy, industrial, service and technology stocks were offset by support from the packaging, food and financial shares.

For the day, the index fell 3.19 points or 0.21 percent to finish at 1,547.17 after trading between 1,546.91 and 1,554.50. Volume was 8.822 billion shares worth 34.723 billion baht. There were 218 gainers and 215 decliners, with 207 stocks finishing unchanged.

Among the actives, Thailand Airport skidded 1.05 percent, while Asset World added 0.57 percent, Banpu tanked 2.37 percent, Bangkok Bank fell 0.30 percent, Bangkok Dusit Medical dropped 0.91 percent, B. Grimm declined 1.50 percent, CP All Public slid 0.39 percent, Kasikornbank sank 0.77 percent, Krung Thai Card spiked 2.15 percent, PTT Oil & Retail shed 0.50 percent, PTT Exploration and Production rose 0.30 percent, PTT Global Chemical retreated 1.37 percent, SCG Packaging rallied 1.29 percent, Thai Oil gained 0.52 percent, True Corporation surged 3.68 percent, TTB Bank collected 0.58 percent and Charoen Pokphand Foods, Krung Thai Bank, Siam Commercial Bank, Siam Concrete, Advanced Info, Energy Absolute, Gulf, PTT, Bangkok Expressway and BTS Group were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened in the green on Friday and spent all of the day in positive territory, although they ended well off session highs.

The Dow gained 75.89 points or 0.22 percent to finish at 34,576.59, while the NASDAQ rose 12.73 points or 0.09 percent to close at 13,761.53 and the S&P 500 gained 6.35 points or 0.14 percent to end at 4,457.49. For the week, the NASDAQ tumbled 1.9 percent, the S&P 500 slumped 1.3 percent and the Dow slid 0.8 percent.

The modest strength on Wall Street partly reflected bargain hunting, as some traders pick up stocks at reduced levels following recent weakness. The uptick by the NASDAQ snapped a four-day losing streak.

Some traders may also have felt concerns about the outlook for interest rates, which contributed to the recent weakness, have been overdone.

While recent economic data has led to worries the Federal Reserve may leave rates higher for longer than previously anticipated, the central bank is still widely expected to keep rates unchanged later this month.

Crude oil prices climbed on Friday amid concerns about tightening oil supplies following Russia and Saudi Arabia's decision last week to extend their supply cut to the end of the year. West Texas Intermediate Crude oil futures for October rose $0.64 or 0.7 percent at $87.51 a barrel.