Thai Stock Market May Stop The Bleeding On Wednesday

(RTTNews) - The Thai stock market has ticked lower in consecutive trading days, slipping more than 15 points or 1 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,600-point plateau although it may open in the green on Wednesday.

The global forecast for the Asian markets is upbeat on sinking crude oil prices and optimism for an end to the Middle East conflict. The European markets were mixed and the U.S. bourses were up and the Asian markets are expected to follow the latter lead.

The SET finished modestly lower on Tuesday following losses among the consumer, industrial, property, resource and technology sectors.

For the day, the index fell 5.04 points or 0.31 percent to finish at 1,596.01 after trading between 1,592.60 and 1,602.81. Volume was 9.507 billion shares worth 59.753 billion baht. There were 259 decliners and 171 gainers, with 225 stocks finishing unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday and remained in the green throughout the trading day.

The Dow climbed 160.24 points or 0.30 percent to finish at 53,577.40, while the NASDAQ rallied 171.11 points or 0.66 percent to close at 26,151.30 and the S&P 500 rose 24.42 points or 0.32 percent to end at 7,677.28.

The early strength on Wall Street partly reflected a positive reaction to an extended nosedive by the price of crude oil, which has continued to give back ground after snapping a six-day winning streak on Monday.

Crude oil prices plummeted Tuesday as investors saw the U.S. administration's move to isolate Iran economically in lieu of military strikes as a beginning sign for easing of gulf tensions. West Texas Intermediate crude for October delivery sank $2.83 or 3.33 percent at $82.18 per barrel.

Traders also seem optimistic that the Trump administration's shift toward economic measures to pressure Iran has reduced the likelihood of the resumption of a full-scale military offensive. The steep drop in crude oil prices also contributed to a continued decrease in treasury yields, which added to the positive sentiment on Wall Street.

However, traders were reluctant to make more significant bets ahead of key events in the coming days, including key U.S. inflation data, Nvidia's (NVDA) quarterly earnings and the Jackson Hole economic symposium.