(RTTNews) - The Thai stock market has moved higher in two of three trading days since the end of the five-day losing streak that had cost it nearly 50 points or 6.7 percent in the process. The Stock Exchange of Thailand finished just below the 700-point plateau, and now analysts predict that the market will crack that barrier at the opening of trade on Monday.

The lead from Wall Street is mixed with a touch of upside as stocks saw only slim moves to close out the week on Friday, with subdued reaction to monthly employment figures keeping the major averages near the unchanged mark. The major averages were able to recover from a pullback at the opening bell and managed to close modestly higher.

The SET finished sharply higher on Friday, thanks to gains from the financials and the energy stocks.

For the day, the index surged 16.72 points or 2.45 percent to finish at the daily high of 698.63 after dipping as low as 689.92. Volume was 3.759 billion shares worth 18.474 billion baht. There were 290 gainers and 60 decliners, with 109 stocks finishing unchanged.

Among the gainers, energy giant PTT was up 3.85 percent, while PTT Exploration and Production added 2.23 percent, PTT Aromatic surged 7.04 percent, coal producer Banpu gained 0.92 percent, Siam Concrete was up 3.33 percent, Siam Commercial Bank climbed 5.40 percent and Kasikornbank jumped 7.04 percent.

The lead from Wall Street is mixed with a touch of upside as stocks saw only slim moves to close out the week on Friday, with subdued reaction to monthly employment figures keeping the major averages near the unchanged mark. The major averages were able to recover from a pullback at the opening bell and managed to close modestly higher.

The initial weakness came on the heels of the release of a report from the Labor Department showing that employment fell by more than expected in the month of October, with the continued decline in jobs pushing the unemployment rate up to a new twenty-six year high above 10 percent.

Non-farm payroll employment fell by 190,000 jobs in October following a revised decrease of 219,000 jobs in September. Economists had expected a decrease of about 175,000 jobs compared to the loss of 263,000 jobs originally reported for the previous month. With the continued drop in jobs, the unemployment rate jumped to 10.2 percent in October from 9.8 percent in September. The unemployment rate had been expected to show a more modest increase to 9.9 percent.

In related news, President Barack Obama signed a bill extending unemployment coverage for 14 weeks across the country and adding an additional six weeks for areas with the highest unemployment. The bill also extends and expands the first-time homebuyer tax credit. Also, the House on Saturday passed the healthcare reform bill and now it heads to the senate.

Separately, the Commerce Department released its report on wholesale inventories in the month of September, showing that inventories fell by a little less than economists had been anticipating. The report also showed a continued increase in wholesale sales.

Also on the economic front, the Federal Reserve said that total consumer credit fell by $14.8 billion or 7.2 percent in September to $2.456 trillion, indicating tightening for the eighth straight month. Economists had been expecting a decrease of about $10 billion.

The major averages moved to the upside going into the close, ending the day modestly above the unchanged line. The Dow closed up 17.46 points or 0.2 percent at 10,023.42, the NASDAQ advanced 7.12 points or 0.3 percent to 2,112.44 and the S&P 500 rose 2.67 points or 0.3 percent to 1,069.30. Despite some shaky sessions this week, the major averages all finished considerably higher, with the Dow and the S&P 500 advancing by 3.2 percent and the NASDAQ climbing by 3.3 percent.

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Posted in Categories: Releases, Stocks, USA.

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