logo
Plus   Neg
Share
Email

Continued Strength Predicted For Thai Stock Market

The Thai stock market has jumped higher in back-to-back trading days, gathering more than 45 points or 2.7 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,720-point plateau and it may extend its gains on Friday.

The global forecast for the Asian markets suggests mild upside with optimism over trade tempered by falling oil prices. The European markets were mixed and flat and the U.S. bourses were up - and the Asian markets figure to follow the latter lead.

The SET finished sharply higher on Thursday with gains across the board - particularly among the financial shares and energy producers.

For the day, the index surged 38.57 points or 2.30 percent to finish at 1,717.96 after trading between 1,690.84 and 1,723.48. Volume was 18.816 billion shares worth 78.999 billion baht. There were 1,217 gainers and 325 decliners, with 285 stocks finishing unchanged.

Among the actives, Advanced Info added 0.50 percent, while Thailand Airport climbed 3.61 percent, Banpu advanced 2.13 percent, Bangkok Bank spiked 3.98 percent, Beauty Community jumped 3.70 percent, Bangkok Expressway perked 1.82 percent, Charoen Pokphand Foods gathered 1.94 percent, Kasikornbank collected 3.88 percent, Krung Thai Bank gained 2.60 percent, PTT surged 5.05 percent, PTT Exploration and Production soared 4.96 percent, PTT Global Chemical rose 3.23 percent, Siam Commercial Bank picked up 1.70 percent and Bangkok Medical was unchanged.

The lead from Wall Street is firm as stocks moved mostly higher on Thursday, with the major averages all finishing in positive territory after ending Wednesday's session mixed.

The Dow added 147.07 points or 0.57 percent to 26,145.99, while the NASDAQ gained 59.48 points or 0.75 percent to 8,013.71 and the S&P was up 15.26 points or 0.53 percent to 2,904.18.

The strength on Wall Street reflected optimism about trade following recent reports the U.S. is proposing a new round of trade talks with China in the near future.

In economic news, the Labor Department said consumer prices rose less than expected in August. The Labor Department also noted a slight drop in initial jobless claims in the week ended September 8.

Crude oil prices tumbled Thursday following reports that global oil supply reached a record high in August. Crude oil futures for October ended down $1.78 or 2.5 percent at $68.59 a barrel on the New York Mercantile Exchange.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT