(RTTNews) – Thailand’s stock market has finished higher in three straight sessions, gaining nearly 35 points or 2.2 percent along the way. The Stock Exchange of Thailand is now just below the 1,395-point plateau and is expected to open higher again on Tuesday.
The global forecast for Asian markets is cautiously optimistic on hopes for a rate cut. European markets were mixed and US bourses were modestly higher, with Asian markets expected to split the difference. The SET finished slightly higher on Monday as gains from the financial, real estate and technology stocks were offset by weakness from the food and commodities sectors. For the day, the index rose 2.38 points or 0.17 percent to end at 1,393.41, after trading between 1,383.89 and 1,396.01. The volume was 9.351 billion shares worth 30.990 billion baht. There were 261 gainers and 197 decliners, with 184 shares ending unchanged.
Among the active, Advanced Info fell 0.91 percent, while Thailand Airport fell 0.41 percent, Asset World fell 0.56 percent, Bangkok Expressway fell 1.24 percent, B. Grimm fell 0.89 percent , Charoen Pokphand Foods fell 1.06 percent and Energy Absolute fell 1.10 percent. Gulf plunged 1.61 percent, Krung Thai Bank lost 0.54 percent, Krung Thai Card rallied 0.54 percent, PTT Exploration and Production rose 0.34 percent, PTT Global Chemical added 0.64 percent, Siam Commercial Bank strengthened 1.49 percent, Siam Concrete fell 0.34 percent, True Corporation collapsed. 0.96 percent, TTB Bank lost 0.63 percent and Bangkok Bank, Kasikornbank, SCG Packaging, Banpu, PTT Oil & Retail, PTT, Thai Oil, CP All Public, Bangkok Dusit Medical and BTS Group remained unchanged.
Wall Street’s lead is mostly positive as the major averages opened higher on Monday and largely stayed that way, although the Dow struggled to stay in the green.
The Dow Jones rose 0.86 points or 0.00 percent to end at 37,306.02, while the NASDAQ rose 90.89 points or 0.61 percent to 14,904.81 and the S&P 500 rose 21.37 points or 0.45 percent gained to end at 4,740.56.
The major averages have risen higher for seven weeks in a row, partly due to optimism about the outlook for interest rates, with last week’s rally coming as the Federal Reserve’s latest projections looked for three rate cuts next year.
However, several Fed officials have subsequently pushed back on investor hopes that interest rate cuts by the central bank are imminent. Nevertheless, CME Group’s FedWatch Tool still suggests there is a good chance the Fed will cut rates by a quarter point in March.
In economic news, the National Association of Home Builders published a report showing that sentiment among U.S. homebuilders rebounded in December after declining for four straight months.
Oil prices rose sharply on Monday as tensions rise in the Middle East following recent attacks on ships crossing the Red Sea, raising supply concerns. West Texas Intermediate crude futures ended January higher by $1.04, or 1.44 percent, at $72.47 a barrel.
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