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Thai Stock Market Predicted To Find Support

The Thai stock market has moved lower in four straight sessions, sliding more than 30 points or 2 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,615-point plateau although it may find traction on Friday.

The global forecast for the Asian markets is upbeat on solid earnings news and rising crude oil prices. The European and U.S. markets were up and the Asian markets are tipped to follow that lead.

The SET finished modestly lower on Thursday following losses from the energy producers and a mixed performance from the financial shares.

For the day, the index dipped 6.52 points or 0.40 percent to finish at 1,614.75 after trading between 1,604.76 and 1,626.08. Volume was 17.342 billion shares worth 60.378 billion baht. There were 982 decliners and 427 gainers, with 364 stocks finishing unchanged.

Among the actives, Thailand Airport added 0.74 percent, while Banpu skidded 1.37 percent, Bangkok Bank collected 0.25 percent, Bangkok Medical shed 0.40 percent, Bangkok Expressway tumbled 2.65 percent, Charoen Pokphand Foods advanced 0.95 percent, Kasikornbank and PTT both lost 0.53 percent, Krung Thai Bank gained 0.53 percent, PTT Global Chemical sank 0.78 percent, Siam Commercial Bank dropped 1.21 percent and Siam Concrete, PTT Exploration and Production, Advanced Info and BTS Group all were unchanged.

The lead from Wall Street remains positive as stocks moved mostly higher on Thursday, extending recent gains and offsetting Monday's steep drop.

The Dow added 214.66 points or 0.84 percent to 25,862.68, while the NASDAQ gained 75.90 points or 0.97 percent to 7,898.05 and the S&P 500 rose 25.36 points or 0.89 percent to 2,876.32.

The strength on Wall Street reflected solid earnings news from companies like Walmart (WMT) and networking giant Cisco Systems (CSCO), who both beat the street.

In economic news, the Labor Department said initial jobless claims dropped more than expected last week, while the Commerce Department noted a substantial increase in new residential construction in April.

Crude oil prices climbed to a two-week high on Thursday, extending recent gains amid concerns about supply disruptions due to an escalation in tensions in the Middle East. West Texas Intermediate Crude oil futures for June ended up $0.85 or 1.4 percent at $62.87 a barrel.

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