Thai Stock Market Likely To Remain Rangebound

(RTTNews) - The Thai stock market headed south again on Thursday, one day after ending the three-day losing streak in which it had stumbled more than 90 points or 5.7 percent. The Stock Exchange of Thailand now rests just beneath the 1,555-point plateau although it may tick higher again on Friday.

The global forecast for the Asian markets is upbeat on easing concerns over the ability of financial markets. The European and U.S. markets were sharply higher and the Asian bourses are expected to follow that lead.

The SET finished modestly lower on Thursday following losses from the financial shares and resource stocks.

For the day, the index slipped 10.35 points or 0.66 percent to finish at 1,554.65 after trading between 1,538.10 and 1,558.67. Volume was 21.137 billion shares worth 69.671 billion baht. There were 1,129 decliners and 447 gainers, with 430 stocks finishing unchanged.

Among the actives, Advanced Info climbed 0.98 percent, while Thailand Airport dipped 0.35 percent, Banpu tanked 3.77 percent, Bangkok Bank stumbled 2.29 percent, Bangkok Dusit Medical advanced 0.89 percent, Bangkok Expressway added 0.56 percent, B. Grimm jumped 1.95 percent, BTS Group was down 0.70 percent, CP All Public fell 0.41 percent, Charoen Pokphand Foods slid 0.47 percent, Energy Absolute eased 0.34 percent, Gulf improved 1.00 percent, Kasikornbank retreated 1.52 percent, Krung Thai Bank sank 1.20 percent, Krung Thai Card lost 0.93 percent, PTT Oil & Retail slumped 1.49 percent, PTT declined 1.65 percent, PTT Exploration and Production plummeted 5.88 percent, PTT Global Chemical tumbled 3.28 percent, SCG Packaging surrendered 2.05 percent, Siam Commercial Bank dropped 0.99 percent, Siam Concrete skidded 1.55 percent, Thai Oil plunged 5.34 percent, True Corporation surged 3.90 percent, TTB Bank shed 0.76 percent and Asset World was unchanged.

The lead from Wall Street is broadly positive as the major averages quickly shook off a soft start on Thursday and accelerated firmly into positive territory, finishing near session highs.

The Dow surged 371.98 points or 1,17 percent to finish at 32,246.55, while the NASDAQ rallied 283.22 points or 2.48 percent to end at 11,717.28 and the S&P 500 jumped68.35 points or 1.76 percent to close at 3,960.28.

Stocks rallied following news that 11 banks including JPMorgan Chase (JPM) and Morgan Stanley (MS) have pledged $30 billion to support First Republic Bank (FRC) to shore up the beleaguered lender.

News that Credit Suisse will borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence also helped ease recent concerns about turmoil in the banking sector.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits pulled back more than expected last week. Also, the Labor Department reported that import prices edged slightly lower in February.

Crude oil prices climbed higher Thursday on reports that Saudi Arabia's energy minister and Russia's deputy prime minister met to discuss about ways to enhance market stability. West Texas Intermediate Crude oil futures for April climbed $0.74 or 1.1 percent at $68.35 a barrel.