The Thai stock market turned higher again on Wednesday, one session after it had ended the three-day winning streak in which it had collected almost 25 points or 1.8 percent. The Stock Exchange of Thailand closed just below the 1,440-point plateau, and now investors are looking for renewed consolidation when the market opens on Thursday.
The global forecast for the Asian markets is mixed to higher following a slew of corporate earnings that were generally positive. Tech giants IBM Corp. and Google both beat estimates, as did fast food giant McDonalds and many others. But Apple Inc. disappointed after Wall Street’s closing bell, possibly putting pressure on technology stocks. The European markets were mixed and the U.S. bourses were slightly higher, and the Asian markets figure to split the difference.
The SET finished modestly higher on Wednesday as gains from the energy producers were offset by weakness from the financial sector.
For the day, the index added 5.11 points or 0.36 percent to finish at 1,439.20 after trading between 1,419.53 and 1,444.85. Volume was 40.041 billion shares worth 54.399 billion baht. There were 440 decliners and 219 gainers, with 129 stocks finishing unchanged.
Among the actives, energy giant PTT was up 0.30 percent, while PTT Exploration and Production was flat, PTT Global Chemicals jumped 1.96 percent, coal miner Banpu shed 0.51 percent, Siam Concrete climbed 1.36 percent, Thai Airways lost 0.89 percent, Bangkok Bank fell 0.51 percent, Kasikornbank dipped 0.52 percent and Siam Commercial Bank dropped 0.85 percent.
The lead from Wall Street is cautiously optimistic as stocks saw modest strength on Wednesday, with traders reacting positively to the latest batch of earnings news. The gains extended a recent upward move by the markets, although buying interest was somewhat subdued.
Tech giants IBM Corp. (IBM) and Google (GOOG) were up after reporting Q4 earnings that beat estimates. McDonald’s (MCD) also reported fourth quarter earnings that rose year-over-year and topped estimates. The company also reported stronger than expected revenue growth.
Fellow Dow component United Technologies (UTX) reported fourth quarter earnings that fell on year but still exceeded expectations. The diversified conglomerate also reaffirmed its guidance for 2013.
But after the bell, Apple Inc. (AAPL) beat estimates for profit, although revenue fell short and the stock has been hammered after hours.
The markets also gained after the House of Representatives voted to approve a bill that would temporarily suspend the U.S. debt limit for nearly four months. The legislation ties the suspension of the debt limit to the passage of a budget plan by both the House and the Senate.
The major averages all ended the day in positive territory, with the Dow and the S&P 500 reaching new five-year closing highs. The Dow rose 66.96 points or 0.5 percent to finish at 13,779.17, while the NASDAQ climbed 10.49 points or 0.3 percent to close at 3,153.67 and the S&P 500 edged up 2.22 points or 0.2 percent to end at 1,494.78.
by RTT Staff Writer
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