Rebound Anticipated For Thai Stock Market

(RTTNews) - The Thai stock market on Friday snapped the two-day winning streak in which it had gained almost 30 points or 2.1 percent. The Stock Exchange of Thailand now rests just beneath the 1,490-point plateau although it's expected to bounce higher again on Monday.

The global forecast for the Asian market is upbeat on generally upbeat earnings news. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to also move higher.

The SET finished modestly lower on Friday following losses from the finance, industry, resource and technology sectors.

For the day, the index lost 5.20 points or 0.35 percent to finish at 1,489.82 after trading between 1,488.61 and 1,506.82. Volume was 27.006 billion shares worth 64.683 billion baht. There were 349 decliners and 127 gainers, with 183 stocks finishing unchanged.

Among the actives, Advanced Info plummeted 5.05 percent, while Thailand Airport improved 0.79 percent, Asset World lost 0.53 percent, Banpu sank 0.78 percent, Bangkok Bank retreated 1.28 percent, Bangkok Dusit Medical fell 0.85 percent, Bangkok Expressway dropped 1.20 percent, B. Grimm tanked 2.06 percent, BTS Group skidded 1.31 percent, CP All Public rallied 2.66 percent, Charoen Pokphand Foods advanced 0.98 percent, Energy Absolute declined 2.33 percent, Gulf lost 1.80 percent, Kasikornbank stumbled 1.62 percent, Krung Thai Bank collected 0.47 percent, Krung Thai Card shed 0.51 percent, PTT Oil & Retail skidded 1.19 percent, PTT Global Chemical tumbled 1.92 percent, SCG Packaging surrendered 1.85 percent, Siam Commercial Bank dropped 0.90 percent, Siam Concrete climbed 0.95 percent, Thai Oil gained 0.53 percent, True Corporation declined 1.65 percent, TTB Bank plunged 3.17 percent and PTT and PTT Exploration and Production were unchanged.

The lead from Wall Street is positive as the major averages opened mixed on Friday but moved steadily higher as the day progressed, ending near session highs.

The Dow added 36.86 points or 0.09 percent to finish at a fresh record of 43,275.91, while the NASDAQ climbed 115.94 points or 0.63 percent to end at 18,489.55 and the S&P 500 rose 23.20 points or 0.40 percent to close at 5,864.67. For the week, the Dow added 1.0 percent, the S&P gained 0.9 percent and the NASDAQ rose 0.8 percent.

The NASDAQ benefitted from a sharp increase by shares of Netflix (NFLX), as the streaming giant soared by 11.1 percent to a record closing high after the company reported Q3 results that beat estimates on both the top and bottom lines.

Meanwhile, a steep drop by shares of American Express (AXP) limited the upside for the Dow, with the credit card giant tumbling by 3.2 percent after the company reported Q3 earnings that beat expectations but weaker than expected revenues.

In U.S. economic news, the Commerce Department reported a modest pullback by housing starts and building permits in September.

Oil prices fell on Friday following downward revisions in oil demand forecast from OPEC and the International Energy Agency. West Texas Intermediate crude oil futures for November sank $1.45 or 2.05 percent at $69.22 a barrel. WTI crude futures fell more than 8 percent in the week.