The Thai stock market on Tuesday ended the six-day losing streak in which it had stumbled more than 40 points or 3.3 percent. The Stock Exchange of Thailand now sits just above the 1,285-point plateau and it’s called higher again on Wednesday.
The global forecast for the Asian markets suggests mild upside, again led by the technology stocks ahead of the Federal Reserve announcement later today. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The SET finished sharply higher on Tuesday following gains from the financial shares and energy producers.
For the day, the index climbed 13.84 points or 1.09 percent to finish a 1,286.18 after trading between 1,274.62 and 1,287.04. Volume was 16.562 billion shares worth 43.868 billion baht. There were 846 gainers and 629 decliners, with 429 stocks finishing unchanged.
Among the actives, Advanced Info shed 0.28 percent, while Thailand Airport soared 2.59 percent, Asset World added 0.51 percent, Bangkok Bank advanced 0.98 percent, Bangkok Dusit Medical gained 0.49 percent, Bangkok Expressway gathered 0.56 percent, BTS Group climbed 1.00 percent, Charoen Pokphand Foods surged 3.45 percent, Kasikornbank collected 0.31 percent, PTT perked 0.71 percent, PTT Exploration and Production rallied 3.63 percent, PTT Global Chemical spiked 1.76 percent, Siam Commercial Bank rose 0.36 percent, Siam Concrete lost 0.58 percent and TMB Bank and Krung Thai Bank were unchanged.
The lead from Wall Street is upbeat as stocks moved mostly higher on Tuesday, although the Dow gave back almost all of its gains.
The Dow rose 2.27 points or 0.01 percent to finish at 27,995.60, while the NASDAQ spiked 133.67 points or 1.21 percent to end at 11,190.32 and the S&P 500 rose 17.66 points or 0.52 percent to close at 3,401.20.
A continued rebound by technology stocks contributed to higher close on Wall Street, with big-name companies like Tesla (TSLA), Netflix (NFLX), Oracle (ORCL) and Facebook (FB) posting standout gains.
However, trade was somewhat subdued ahead of the Federal Reserve’s monetary policy statement later today. The Fed is expected to leave interest rates unchanged, but traders will listen for any tweaks to the accompanying statement. The Fed’s latest economic projections may also be of note.
In economic news, the Fed said U.S. industrial production slowed more than expected in August. Also, the Labor Department noted an increase in U.S. import prices last month, with prices jumping by much more than expected.
Crude oil futures ended sharply higher Tuesday as news of the stoppage of energy operations in the Gulf of Mexico due to Hurricane Sally outweighed concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for October rose $1.02 or 2.7 percent at $38.28 a barrel.
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