Thai Shares May See Profit Taking On Thursday

Ahead of Wednesday's Labor Day holiday, the Thai stock market had moved higher in two straight sessions, collecting almost 10 points or 0.7 percent along the way. The Stock Exchange of Thailand now sits just above the 1,365-point plateau although it may open under pressure on Thursday.

The global forecast for the Asian markets is soft following the Federal Reserve's rate decision and statement. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The SET finished modestly higher on Tuesday following gains from the food, finance and service sectors, while the technology and industrial sectors were soft.

For the day, the index improved 5.98 points or 0.44 percent to finish at 1,367.95 after trading between 1,363.21 and 1,372.85. Volume was 14.638 billion shares worth 44.917 billion baht. There were 292 gainers and 168 decliners, with 197 stocks finishing unchanged.

Among the actives, Advanced Info perked 0.25 percent, while Thailand Airport strengthened 1.56 percent, Asset World lost 0.45 percent, Banpu jumped 1.83 percent, Bangkok Bank rose 0.37 percent, Bangkok Dusit Medical advanced 0.87 percent, Bangkok Expressway improved 1.22 percent, CP All Public rallied 1.32 percent, Charoen Pokphand Foods skyrocketed 4.21 percent, Gulf gained 0.63 percent, Kasikornbank collected 0.77 percent, Krung Thai Bank climbed 1.20 percent, Krung Thai Card skidded 1.15 percent, PTT Oil & Retail spiked 2.19 percent, PTT Global Chemical retreated 1.34 percent, Siam Commercial Bank added 0.47 percent, Siam Concrete dropped 0.80 percent, Thai Oil plummeted 3.11 percent, True Corporation tumbled 1.91 percent, TTB Bank shed 0.55 percent and SCG Packaging, B. Grimm, Energy Absolute, PTT, PTT Exploration and Production and BTS Group were unchanged.

The lead from Wall Street offers little guidance as the major averages were flat on Wednesday until a spike following the Federal Reserve's monetary policy announcement. It faded quickly, however, and the markets finished mixed and little changed.

The Dow gained 87.37 points or 0.23 percent to finish at 37,903.29, while the NASDAQ slumped 52.34 points or 0.33 percent to end at 15,605.48 and the S&P 500 lost 17.30 points or 0.34 percent to close at 5,018.39.

The late-day volatility came after the Fed announced its widely expected decision to leave interest rates unchanged, citing a lack of further progress toward its 2 percent inflation objective.

Members of the Fed also reiterated they need greater confidence inflation is moving sustainably toward 2 percent before they consider cutting interest rates.

On the economic data front, payroll processor ADP released a report showing private sector employment increased by more than expected in the month of April.

Oil prices fell to a seven-week low on Wednesday after data showed an unexpected sharp jump in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for June ended lower by $2.93 at $79.00 a barrel, the lowest settlement since March 12.

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