Higher Open Expected For Thai Stock Market
(RTTNews) – The Thai stock market rebounded on Wednesday, one day after ending the three-day winning streak in which it had improved more than 50 points or 3.3 percent. The Stock Exchange of Thailand now sits just above the 1,630-point plateau and it may pick up steam on Thursday.
The global forecast for the Asian markets is cautiously optimistic on an improved outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The SET finished slightly higher on Wednesday following gains from the consumer, industrial, property, resource and service sectors.
For the day, the index rose 4.18 points or 0.26 percent to finish at 1,630.21 after trading between 1,627.19 and 1,642.14. Volume was 12.293 billion shares worth 86.236 billion baht. There were 240 gainers and 205 decliners, with 213 stocks finishing unchanged.
The lead from Wall Street ends up positive as the major averages opened higher, slumped midday but rebounded to finish in the green.
The Dow climbed 150.37 points or 0.29 percent to finish at 52,658.64, while the NASDAQ improved 162.22 points or 0.62 percent to close at 26,269.23 and the S&P 500 added 28.81 points or 0.38 percent to end at 7,572.40.
The early strength on Wall Street came after the Labor Department said producer prices fell more than expected last month, easing concerns about the outlook for inflation and interest rates.
Buying interest remained somewhat subdued, however, as traders kept an eye on the escalating conflict between the U.S. and Iran.
Crude oil prices ticked lower on Wednesday after U.S. Energy Information Administration data on crude oil inventories indicated weaker-than-expected demand. West Texas Intermediate crude for August delivery was down $0.09 or 0.11 percent at $79.25 per barrel.
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