Asian Economic News
Firm Open Called For Thai Shares
11/30/2009 9:43 PM ET
(RTTNews) -
The Thai stock market on Monday ended the two-day losing streak that had cost it more than 15 points or 2.2 percent along the way. The Stock Exchange of Thailand finished just below the 690-point plateau, and now analysts are expecting further movement to the upside when the market opens for business on Tuesday.
The global forecast for the Asian markets is mildly positive as the markets continue to assess the contagion from the Dubai debt crisis. Commodities are forecast to provide modest support, while financials and properties also are expected to trade higher. The European markets finished sharply lower, while the U.S. bourses were firm - and the Asian markets are also tipped to move slightly higher.
The SET finished sharply higher on Monday, thanks to gains among the financials and the energy producers.
For the day, the index climbed 8.70 points or 1.28 percent to finish at 689.07. Volume was 2.276 billion shares worth 19.885 billion baht.
The lead from Wall Street is cautiously optimistic as stocks were able to eke out modest gains to open the week on Monday, with a mixed set of market drivers prompting choppy trading. The major averages were all able to close in positive territory, offsetting a small portion of Friday's losses.
Trader optimism may have been boosted by data from the Institute for Supply Management - Chicago, which reported that its index of activity in the Chicago manufacturing sector rose to 56.1 in November from 54.2 in October, with a reading above 50 indicating growth in the sector. The increase by the index surprised economists, who had expected the index to slip to 53.3.
Some of the gains may have also be driven by reassurances from the Central Bank of the United Arab Emirates, which said that it would extend additional funds for local and foreign banks to cope with the financial crisis resulting from the potential failure of Dubai World.
The markets were also presented with a report from the National Retail Federation, which revealed that the average consumer spent less on Black Friday this year than last year, although the number of shoppers increased compared to last year.
The major averages all saw upside in late session dealing, closing just off of their best levels of the day. The Dow gained 34.92 points or 0.3 percent to close at 10,344.84, the NASDAQ rose by 6.16 points or 0.3 percent to 2,144.60 and the S&P 500 advanced by 4.14 points or 0.4 percent to 1,095.63.
In economic news, Thailand will on Tuesday release November inflation figures, with the headline number expected to jump to 1.8 percent from the current 0.4 percent. Core inflation is tipped to rise 0.2 percent on year after the 0.1 percent decline in October.
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