Continued Support Called For Thai Stock Market

Ahead of Wednesday's holiday for King Bhumibol Memorial Day, the Thai stock market had bounced higher again - one session after snapping the two-day winning streak in which it had advanced almost 20 points or 1.2 percent. The Stock Exchange of Thailand now rests just beneath the 1,645-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is cautiously optimistic on easing concerns for the outlook for interest rates. The European markets were up and the U.S. bourses were mostly higher and the Asian markets are also tipped to open in the green.

The SET finished modestly higher on Tuesday following mixed performances from the financial shares and the energy producers.

For the day, the index climbed 10.20 points or 0.62 percent to finish at 1,643.64 after trading between 1,637.49 and 1,646.85. Volume was 31.177 billion shares worth 93.081 billion baht. There were 991 decliners and 697 gainers, with 534 stocks finishing unchanged.

Among the actives, Thailand Airport surged 5.45 percent, while Bangkok Bank collected 1.27 percent, Bangkok Dusit Medical jumped 1.79 percent, Bangkok Expressway climbed 1.11 percent, BTS Group rallied 2.09 percent, IRPC shed 0.45 percent, Kasikornbank gathered 1.44 percent, Krung Thai Bank sank 0.85 percent, Minor International spiked 1.50 percent, PTT Exploration and Production fell 0.40 percent, SCG Packaging retreated 1.63 percent, Siam Commercial Bank perked 1.22 percent, Siam Concrete dipped 0.25 percent and TTB Bank, Advanced Info, Charoen Pokphand Foods, Gulf, Krung Thai Card, PTT Oil & Retail, PTT, PTT Global Chemical and True Corporation all were unchanged.

The lead from Wall Street is mostly upbeat as the NASDAQ opened higher and remained solidly in the green. The Dow and S&P spent much of the day in negative territory, with the later managing to climb into positive territory and the former closing just under the line.

The Dow eased 0.53 points to finish at 34,377.81, while the NASDAQ jumped 105.71 points or 0.73 percent to close at 14,571.63 and the S&P 500 rose 13.15 points or 0.30 percent to end at 4,363.80.

The higher close on Wall Street came as a report from the Labor Department showed consumer prices rose by slightly more than expected in September, but the data was not seen as likely to accelerate the Federal Reserve's tapering plans.

Also, the minutes of the Fed's September meeting outlined the central bank's plans to gradually scale back its asset purchases. Participants generally agreed that a gradual tapering of asset purchases that concludes around the middle of next year would likely be appropriate if the economic recovery remained broadly on track.

Crude oil prices drifted lower on Wednesday, weighed down by concerns the slowdown in global economic growth could weaken the outlook for energy demand. West Texas Intermediate Crude oil futures for November eased $0.20 or 0.3 percent at $80.44 a barrel.

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