Win Streak May Continue For Thai Stock Market

(RTTNews) - The Thai stock market has tracked higher in back-to-back sessions, collecting almost 10 points or 0.7 percent along the way. The Stock Exchange of Thailand now sits just shy of the 1,425-point plateau and it may add to its winnings again on Monday.

The global forecast for the Asian markets is upbeat on optimism over the prospects for an interest rate cut this week. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished slightly higher on Friday as gains from the financial, industrial, property and resource sectors were capped by weakness from the food and consumer companies.

For the day, the index rose 2.81 points or 0.20 percent to finish at 1,424.39 after trading between 1,421.47 and 1,433.66. Volume was 9.986 billion shares worth 53.803 billion baht. There were 289 gainers and 204 decliners, with 175 stocks finishing unchanged.

Among the actives, Advanced Info rose 0.39 percent, while Thailand Airport increased 0.40 percent, Asset World shed 0.55 percent, Banpu improved 0.83 percent, Bangkok Bank soared 2.58 percent, Bangkok Dusit Medical sank 0.85 percent, Bangkok Expressway declined 1.23 percent, B. Grimm tumbled 1.71 percent, BTS Group jumped 1.70 percent, CP All Public gathered 0.39 percent, Charoen Pokphand Foods gained 0.41 percent, Energy Absolute skyrocketed 12.50 percent, Gulf rallied 2.27 percent, Kasikornbank fell 0.32 percent, PTT Exploration and Production added 0.36 percent, Siam Commercial Bank dropped 0.88 percent, Siam Concrete strengthened 1.69 percent, Thai Oil lost 0.49 percent, True Corporation advanced 0.96 percent and TTB Bank, Krung Thai Bank, Krung Thai Card, PTT Global Chemical, SCG Packaging, PTT Oil & Retail and PTT were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and largely remained in the green throughout the trading day.

The Dow rallied 296.98 points or 0.72 percent to finish at 41,393.78, while the NASDAQ jumped 114.28 points or 0.65 percent to end at 17,683.98 and the S&P 500 gained 30.26 points or 0.54 percent to close at 5,626.02.

For the week, the NASDAQ surged 6.0 percent, the S&P spiked 4.0 percent and the Dow improved 2.6 percent.

Optimism about the outlook for interest rates contributed to the continued strength on Wall Street ahead of the Federal Reserve's monetary policy meeting this week. The Fed is scheduled to announce its latest monetary policy decision on Wednesday and is almost universally expected to lower interest rates by at least 25 basis points.

Adding to the positive sentiment on Wall Street, the University of Michigan released a report showing consumer sentiment in the U.S. has improved by more than anticipated in September.

Oil futures drifted lower on Friday on reports crude oil production resumed in several facilities along the U.S. Gulf of Mexico. West Texas Intermediate Crude oil futures for October sank $0.32 or 0.46 percent at $68.65 a barrel.