2/21/2012 9:16 PM ET
(RTTNews) - The Thai stock market has climbed higher now in three straight sessions, gathering more than 20 points or 1.8 percent along the way. The Stock Exchange of Thailand settled just above the 1,140-point plateau, although now traders are bracing for profit taking when the market kicks off trade on Wednesday.
The global forecast for the Asian markets suggests mild consolidation on profit taking after solid gains earlier in the week. The Asian markets climbed on Tuesday on news that Euro-zone finance ministers approved a second rescue package for Greece. The European markets finished lower and the U.S. markets were mixed on Tuesday, and the Asian markets are also expected to track to the downside.
The SET was modestly higher on Tuesday following gains from the financial shares and the energy producers.
For the day, the index collected 4.47 points or 0.39 percent to finish at 1,140.39 after trading between 1,136.08 and 1,143.35. Volume was 5.205 billion shares worth 35.330 billion baht. There were 238 gainers and 221 decliners, with 176 stocks finishing unchanged.
Among the actives, energy giant PTT was up 0.85 percent, while PTT Global Chemicals jumped 2.03 percent, PTT Exploration and Production added 0.54 percent, Siam Concrete shed 0.28 percent, Siam Commercial Bank climbed 1.18 percent, Kasikornbank surged 2.53 percent and Bangkok Bank collected 0.58 percent.
Wall Street offers little insight as stocks finished Tuesday's trading with a mixed performance. With U.S. markets closed on Monday for the President's Day holiday, Wall Street caught up on all the news that broke over the weekend, with the good news offsetting the bad.
Euro-zone finance ministers early Tuesday gave a green light to a second rescue package for Greece, unlocking 130 billion euros in bailout money for the cash-strapped nation. The new bailout would leave Greece with sufficient funds to repay a 14.5 billion euros bond due on March 20.
Ensuring debt sustainability and restoring competitiveness are the main goals of the new program, the Eurogroup said in a statement. The deal follows weeks of sometimes tense negotiations and a number of austerity measures in Greece.
In corporate news, Wal-Mart (WMT) saw earnings for its latest quarter slide more than 4 percent on year. Sales at the world's largest retailer rose about 6 percent to $122.3 billion. Also, Earnings at Home Depot (HD) rose 32 percent in the fourth quarter, thanks to cost controls and a 6 percent rise in sales. Finally, Macy's (M) saw quarterly profit jump 12 percent on year, while rival department store chain Saks (SKS) also announced increased sales and earnings.
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