The Thai stock market on Tuesday halted the three-day winning streak in which it had gathered almost 25 points or 1.5 percent. The Stock Exchange of Thailand now rests just above the 1,710-point plateau although it figures to bounce higher again on Wednesday.
The global forecast for the Asian markets is upbeat thanks to solid earnings news and a bounce in crude oil prices. The European and U.S. markets were up and the European bourses figure to follow suit.
The SET finished slightly lower on Tuesday following mixed performances from the financial shares and the energy producers.
For the day, the index shed 3.90 points or 0.23 percent to finish at 1,710.48 after trading between 1,707.31 and 1,718.80. Volume was 9.409 billion shares worth 56.246 billion baht. There were 785 decliners and 538 gainers, with 462 stocks finishing unchanged.
Among the actives, Advanced Info shed 0.28 percent, while Thailand Airport jumped 1.72 percent, Bangkok Bank collected 0.26 percent, Bangkok Medical added 0.46 percent, Charoen Pokphand Foods gained 0.41 percent, Krung Thai Bank picked up 0.54 percent, PTT lost 0.48 percent, PTT Exploration and Production advanced 0.82 percent, Siam Commercial Bank fell 0.67 percent, Siam Concrete jumped 1.67 percent and PTT Global Chemical, Kasikornbank, Banpu and Bangkok Expressway were unchanged.
The lead from Wall Street is firm as stocks moved higher on Tuesday, allowing the major averages to hit new record closing highs.
The Dow climbed 160.50 points or 0.69 percent to 23,590.83, while the NASDAQ jumped 71.76 points or 1.06 percent to 6,862.48 and the S&P added 16.89 points or 0.65 percent to 2,599.03.
Upbeat earnings news also contributed to the continued strength on Wall Street as Hormel Foods (HRL) and retailer Urban Outfitters (URBN) both reported better than expected Q3 results, while Lowe's (LOW) and Campbell Soup (CPB) missed.
In economic news, the National Association of Realtors reported a much than expected jump in existing home sales in October.
Crude oil futures were slightly higher as OPEC meets next week to determine if it will extend its supply quota plan through 2018. January WTI oil gained 41 cents or 0.7 percent to $56.83/bbl.
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