Market Commentary and Intraday News

Thai Bourse May Give Back 1,300-Point Level

260 days ago

(RTTNews) - The Thai stock market has finished higher now in four straight sessions, collecting more than 30 points or 2.4 percent in that span. The Stock Exchange of Thailand closed just above the 1,305-point plateau, and now traders may be tempted to lock in gains when the market opens on Wednesday.

The global forecast for the Asian markets is mixed to lower following reports that a bailout request from Spain may not be forthcoming after all. Spanish officials were said to be ready to ask for a bailout, although Spanish Prime Minister Mariano Rajoy later denied that report, fomenting additional uncertainty. Traders also may be reluctant to make any significant moves ahead of Friday's monthly U.S. jobs report. The European markets were lower and the U.S. bourses were mixed but little changed - and the Asian markets figure to split the difference.

The SET finished modestly higher as gains from the financial shares and concrete stocks were offset by weakness from the energy producers.

For the day, the index added 5.95 points or 0.46 percent to finish at 1,305.66 after trading between 1,301.06 and 1,309.04. Volume was 6.277 billion shares worth 38.886 billion baht. There were 292 decliners and 250 gainers, with 163 stocks finishing unchanged.

Among the actives, energy giant PTT was down 0.61 percent, while PTT Exploration and Production shed 0.31 percent, PTT Global Chemicals dipped 0.40 percent, coal miner Banpu climbed 1.25 percent, Siam Concrete added 0.29 percent, Bangkok Bank eased 0.26 percent, Kasikornbank collected 0.27 percent and Siam Commercial Bank gathered 0.59 percent.

The lead from Wall Street offers little clarity as stocks turned in a lackluster performance on Tuesday as traders focused on the latest headlines out of Europe. The major averages eventually ended the session mixed for the second straight day.

The choppy trading came as traders digested mixed news regarding the possibility of a bailout for Spain in the near term. Early strength was generated by a report from Reuters indicating that the debt-plagued county is ready to request a bailout as early as next weekend.

Reuters said that Spanish officials are now ready to ask for a bailout - but Spanish Prime Minister Mariano Rajoy later denied the report, saying that a bailout request from Spain is not "imminent." The remarks by Rajoy pulled stocks down off their early highs, as they led to renewed uncertainty about the timing of a Spanish bailout.

Traders also seemed reluctant to make any significant moves ahead of Friday's monthly jobs report, which could have a significant impact on the outlook for the economy.

Among individual stocks, shares of Core Laboratories (CLB) moved sharply lower after the oil services provider warned of weaker than previously forecast third quarter results. Wausau Paper (WPP) also posted a steep loss after lowering its full-year earning guidance. On the other hand, shares of Stage Stores (SSI) surged after reporting that sales spiked 13.7 percent in September.

The major U.S. averages were mixed but little changed on Tuesday as the Dow edged down 32.75 points or 0.2 percent to finish at 13,482.36, while the NASDAQ inched up 6.51 points or 0.2 percent to end at 3,120.04 and the S&P 500 crept up 1.26 points or 0.1 percent to close at 1,445.75.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2012 RTTNews.com. All Rights Reserved

View all of today's news »