Lower Open Anticipated For Thai Stock Market

(RTTNews) - The Thai stock market on Wednesday wrote a finish to the three-day slide in which it had slumped almost 50 points or 3.3 percent. The Stock Exchange of Thailand now rests just above the 1,400-point plateau although it's likely to turn lower again on Thursday.

The global forecast for the Asian markets is mixed to lower, with tech shares likely to weigh after disappointing earnings. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The SET finished modestly higher on Wednesday, led by gains from the financials, industrials and service companies.

For the day, the index gained 10.67 points or 0.77 percent to finish at 1,401.70 after trading between 1,399.44 and 1,414.13. Volume was 11.612 billion shares worth 44.264 billion baht. There were 312 gainers and 144 decliners, with 185 stocks finishing unchanged.

Among the actives, Advanced Info rose 0.47 percent, while Thailand Airport collected 1.52 percent, Asset World improved 1.15 percent, Banpu shed 0.64 percent, Bangkok Dusit Medical added 0.93 percent, Bangkok Expressway slumped 0.62 percent, B. Grimm advanced 0.86 percent, BTS Group was up 0.68 percent, CP All Public gained 1.79 percent, Charoen Pokphand Foods climbed 1.10 percent, Gulf lost 0.58 percent, Kasikornbank jumped 1.92 percent, Krung Thai Bank rallied 2.13 percent, PTT Oil & Retail strengthened 1.11 percent, PTT Exploration and Production perked 0.29 percent, PTT Global Chemical skyrocketed 5.38 percent, SCG Packaging accelerated 2.90 percent, Siam Commercial Bank spiked 2.34 percent, Siam Concrete soared 2.83 percent, Thai Oil sank 0.51 percent, True Corporation increased 0.76 percent and TTB Bank, Bangkok Bank, Krung Thai Card, Energy Absolute and PTT were unchanged.

The lead from Wall Street is broadly negative as the major averages opened mixed on Wednesday but quickly headed south and finished near session lows.

The Dow dropped 105.45 points or 0.32 percent to finish at 33,035.93, while the NASDAQ plunged 318,65 points or 2.43 percent to close at 12,821,22 and the S&P 500 sank 60.91 points or 1.43 percent to end at 4,186.77.

The particularly steep drop by the NASDAQ reflected a negative reaction to quarterly results from Alphabet (GOOGL), with the Google parent plunging 9.5 percent after the company reported Q3 earnings that beat estimates but had weaker than expected revenue from its cloud business.

A renewed increase by treasury yields also weighed on the markets, with the yield on the benchmark 10-year note spiking after ending the previous session little changed.

The surge by yields came as traders looked ahead to key economic data in the coming days, including a preliminary reading on third quarter GDP on Thursday and personal income on Friday.

Oil futures settled higher on Wednesday, snapping a three-day losing streak amid likely disruptions in supply due to the tensions in the Middle East. West Texas Intermediate Crude oil futures for November ended higher by $1.65 or 1.97 percent at $85.39 a barrel.