Win Streak May Continue For Thai Stock Market

(RTTNews) - The Thai stock market has moved higher in five straight sessions, collecting more than 80 points or 5.8 percent along the way. The Stock Exchange of Thailand now sits just above the 1,430-point plateau and it may add to its winnings again on Tuesday. The global forecast for the Asian markets is positive on anticipated bargain hunting and on the outlook for interest rates. The European and U.S. markets were solidly higher and the Asian bourses are tipped to open in similar fashion.

The SET finished slightly higher again on Monday as gains from the food, consumer, finance and industrial sectors were capped by weakness from the technology stocks.

For the day, the index rose 3.49 points or 0.24 percent to finish at 1,431.13 after trading between 1,417.68 and 1,438.31. Volume was 13.669 billion shares worth 87.242 billion baht. There were 346 gainers and 184 decliners, with 143 stocks finishing unchanged. Among the actives, Advanced Info plunged 3.35 percent, while Thailand Airport dropped 1.19 percent, Banpu surged 3.33 percent, Bangkok Bank climbed 1.00 percent, Bangkok Dusit Medical gained 1.72 percent, Bangkok Expressway gathered 1.91 percent, B. Grimm rose 0.43 percent, BTS Group was up 2.54 percent, CP All Public increased 1.15 percent, Charoen Pokphand Foods accelerated 2.04 percent, Energy Absolute strengthened 1.48 percent, Gulf shed 0.45 percent, Kasikornbank jumped 1.97 percent, Krung Thai Bank collected 0.99 percent, Krung Thai Card improved 1.12 percent, PTT Oil & Retail added 0.58 percent, PTT slumped 1.44 percent, PTT Exploration and Production rallied 1.77 percent, SCG Packaging spiked 2.70 percent, Siam Commercial Bank retreated 1.32 percent, Siam Concrete sank 0.80 percent, Thai Oil advanced 0.92 percent, True Corporation tumbled 1.87 percent, TTB Bank soared 3.06 percent and PTT Global Chemical and Asset World were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Monday and remained well in the green throughout the trading day.

The Dow surged 484.18 points or 1.20 percent to finish at 40,829.59, while the NASDAQ rallied 193.77 points or 1.16 percent to close at 16,884.60 and the S&P 500 climbed 62.63 points or 1.16 percent to end at 5,471.05.

The rally on Wall Street came as traders looked to pick up stocks at reduced levels following the steep drop seen last week, which dragged the NASDAQ down to its lowest levels in nearly a month.

Optimism the Federal Reserve will lower interest rates later this month has also contributed to the strength on Wall Street, despite lingering concerns about the outlook for the U.S. economy.

CME Group's FedWatch Tool is currently indicating a 73 percent chance the Fed will lower rates by 25 basis points and a 29 percent chance of a 50 basis point rate cut.

Oil prices climbed higher Monday on the possibility of weather-related production issues in the the Gulf of Mexico, and on OPEC's decision to delay a production boost originally scheduled to begin in October. West Texas Intermediate Crude oil futures for October ended up by $1.04 or 1.54 percent at $68.71 a barrel.