Additional Support Predicted For Thai Stock Market

(RTTNews) - The Thai stock market has tracked higher in two straight sessions, gathering more than a dozen points or 0.7 percent in that span. The Stock Exchange of Thailand now sits just above the 1,570-point plateau and it may open to the upside again on Monday.

The global forecast for the Asian markets is upbeat thanks to easing crude oil prices and treasury yields and an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished modestly higher on Friday following gains from the food, consumer, finance, industrial, property, resource and service sectors.

For the day, the index added 7.71 points or 0.49 percent to finish at 1,571.62 after trading between 1,564.97 and 1,575.75. Volume was 9.933 billion shares worth 71.085 billion baht. There were 265 gainers and 158 decliners, with 228 stocks finishing unchanged.

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

The Dow climbed 250.40 points or 0.49 percent to finish at 51,176.96, while the NASDAQ jumped 319.27 points or 1.19 percent and the S&P 500 gained 56.27 points or 0.73 percent to end at 7,722.72.

For the week, the NASDAQ added 0.5 percent, while the S&P fell 0.3 percent and the Dow slumped 1.3 percent.

The early rally on Wall Street came followed the release of a closely watched Labor Department report showing much weaker than expected job growth in September.

While the data may raise some concerns about the strength of the economy, the release also contributed to a steep drop by treasury yields. The data was seen as reducing the likelihood that the Federal Reserve will once again raise interest rates at its next meeting later this month.

Crude oil prices tumbled on Friday following reports that the European Union may release diesel reserves to help cool surging fuel prices linked to the Iran war. West Texas Intermediate crude for November delivery was down $1.17 or 1.3 percent to $91.70 per barrel.

Closer to home, Thailand will release September data for consumer prices later today. Overall inflation is expected to rise 2.90 percent on year, up from 2.53 percent, while core CPI is seen higher by an annual 1.53 percent, up from 1.44 percent.