(RTTNews) – The Thai stock market ended a two-day winning streak on Wednesday in which it had gained nearly 20 points, or 1.2%. Thailand’s stock market now sits just below the 1,620 point plateau, although it may rise again on Thursday.
Global forecasts for Asian markets are mixed to higher, with a bargain hunt likely for oversold exchanges – although falling crude oil prices may cap the rise. European markets were down and US stock markets were mixed and Asian markets should follow this latest lead.
SET ended slightly lower on Wednesday as losses in financial stocks were tempered by support from energy producers.
For the day, the index lost 4.76 points or 0.29% to end at 1,619.48 after trading between 1,617.24 and 1,631.81. The volume was 34.576 billion shares worth 97.659 billion baht. There were 1,020 losers and 683 winners, with 536 stocks ending unchanged.
Among assets, Advanced Info fell 0.26%, while Thailand airport sank 0.78%, Bangkok Bank lost 0.43%, Bangkok Dusit Medical fell 1.75%, Bangkok Expressway lost 0.56%, BTS Group slipped 1.05%, CP All Public lost 1.96%, Gulf fell 1.69%, IRPC jumped 1.37%, Indorama Ventures soared 4.55%, Kasikornbank fell 1.09%, Krung Thai Bank sank 0.90%, Krung Thai Card fell 0.45%, PTT Oil & Retail rose 0.90% , PTT increased 0.63%, PTT Exploration and Production increased 1.24%, SCG Packaging fell 2.38%, Siam Commercial Bank fell 0.81%, Siam Concrete fell 1 , 74%, TTB Bank stumbled 0.89% and Charoen Pokphand Foods and PTT Global Chemical remained unchanged.
Wall Street’s lead is bullish as major averages opened sharply lower on Wednesday, but a late rally saw them end in positive territory.
The Dow Jones climbed 102.32 points or 0.30% to close at 34,416.99, while the NASDAQ jumped 68.08 points or 0.47% to close at 14,501.91 and the S&P 500 increased 17.83 points or 0.41% to end at 4,363.55.
The turnaround on Wall Street came on the news that Senate Minority Leader Mitch McConnell, R-Ken., Has offered to allow a temporary extension of the debt limit.
Debt limit concerns weighed on markets early in the session, as did lingering concerns about inflation and the Federal Reserve’s cutbacks in stimulus.
In economic news, payroll processor ADP noted stronger than expected private sector job growth in September. The Labor Department is expected to release its more closely watched monthly employment report on Friday, which includes both public and private sector jobs.
Crude oil prices fell on Wednesday, hitting multi-year highs amid concerns over slowing economic growth, high inflation and fears of rising interest rates from central banks. West Texas Intermediate crude oil futures for November fell $ 1.50 or 1.9% to $ 77.43 a barrel.
Closer to home, Thailand will see the September results of its Consumer Confidence Index later today; in August, the index score was 39.6.
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