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Upside Seen For Thai Stocks 85 days ago
(RTTNews) - The Thai stock market has finished higher now in two of four sessions since the end of the modest two-day winning streak in which it had added nearly 30 points or 4 percent along the way. The Stock Exchange of Thailand ended just below the 700-point level, but now analysts are predicting that the market will break through that barrier at the opening of trade on Monday.
The global forecast is mildly positive thanks to a modest uptick in the international prices for metals. Gold, steel and property stocks also may lend support, although the financials could fall under pressure. The European markets were mixed but little changed on Friday and the U.S. bourses ended firmly higher - and the Asian markets are also tipped to move to the upside.
The SET finished slightly higher on Friday as selling among the energy stocks wiped out most of the gains from the rest of the market.
For the day, the index added 1.61 points or 0.23 percent to finish at 698.33 after trading between 693.72 and 702.51. Volume was 2.901 billion shares worth 14.645 billion baht. There were 192 gainers and 152 decliners, with 112 stocks finishing unchanged.
Among the actives, PTT Exploration and Production eased 0.37 percent, while PTT Chemical added 1.83 percent, PTT Aromatic shed 0.44 percent and coal producer Banpu was down 0.43 percent.
The lead from Wall Street is cautiously optimistic as stocks rose by solid margins to close out the week on Friday, with the gains coming despite the headwind of a bleak reading on consumer attitudes. The major averages all closed firmly in positive territory after ending the previous session sharply lower.
While the Reuters/University of Michigan consumer sentiment index declined unexpectedly in the first half of November, traders largely looked past the data amid recent revenue upticks by a number of major retailers, indicating some recovery in consumer spending. The consumer sentiment index fell to 66.0 in November from the final October reading of 70.6. The decrease came as a surprise to economists, who had expected the index to edge up to a reading of 71.0.
Earlier optimism came after a flash estimate issued by Eurostat showed that the Eurozone economy expanded by 0.4 percent in the third quarter after contracting for five straight quarters.
Also on the economic front, the Commerce Department reported that the U.S. trade deficit widened by much more than economists had expected in September, as the value of imports increased at a faster pace than the value of exports.
In corporate news, Walt Disney (DIS), Nordstrom (JWN) and J. C. Penney (JCP) were among the firms to report quarterly results, seeing a mixed bag on profit and revenue lines.
The Dow closed up 73.00 points or 0.7 percent at 10,270.47, the NASDAQ advanced 18.86 points or 0.9 percent to 2,167.88 and the S&P 500 rose by 6.24 points or 0.6 percent to 1,093.48. With the gains, the major averages all closed higher for the week, adding to the strong gains posted last week. The Dow posted a weekly gain 2.5 percent, while the NASDAQ and the S&P 500 rose 2.6 percent and 2.3 percent, respectively.
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