Plus   Neg

Thai Bourse Tipped To Open In The Green

The Thai stock market bounced higher again on Thursday, one session after it had ended the three-day winning streak in which it had collected more than 40 points or 2.5 percent. The Stock Exchange of Thailand now rests just above the 1,640-point plateau and it's got a positive lead again on Friday.

The global forecast for the Asian markets is upbeat thanks to easing concerns over a global trade war. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The SET finished slightly higher on Thursday following gains from the cosmetics stocks and mixed performances from the financial shares and energy producers.

For the day, the index added 4.30 points or 0.26 percent to finish at 1,640.93 after trading between 1,633.53 and 1,646.12. Volume was 12.133 billion shares worth 46.976 billion baht. There were 713 gainers and 469 decliners, with 475 stocks finishing unchanged.

Among the actives, Banpu jumped 1.47 percent, while Bangkok Bank skidded 1,53 percent, Bangkok Medical spiked 1.98 percent, Beauty Community surged 8.00 percent, Bangkok Expressway soared 2.58 percent, Krung Thai Bank shed 0.57 percent, PTT dropped 1.03 percent, PTT Exploration and Production declined 1.47 percent, Siam Commercial Bank collected 2.06 percent, Siam Concrete gained 0.94 percent and PTT Global Chemical, Kasikornbank, Charoen Pokphand Foods, Advanced Info and Thailand Airport were unchanged.

The lead from Wall Street is positive as stocks showed a strong move back to the upside Thursday, more than offsetting the losses in the previous session.

The Dow jumped 224.44 points or 0.91 percent to finish at 24,924.89, while the NASDAQ surged 107.30 points or 1.39 percent to a record closing high of 7,823.92 and the S&P 500 surged 24.27 points or 0.87 percent to 2,798.29.

The rebound was due to optimism about the upcoming earnings season, with several leading financial companies report results on Friday.

Easing trade concerns between the United States and China also contributed to the rally as traders seem optimistic the continued tariff threats will eventually bring the U.S. and China to the table for talks that result in a long-term trade agreement.

In economic news, the Labor Department said consumer prices edged higher in June, as did core CPI. Also, the Labor Department said first-time claims for unemployment benefits fell more than expected in the week ended July 7.

Crude oil futures failed to rally Thursday after the International Energy Agency's warning that the world's oil supply cushion "might be stretched to the limit" due to production losses. Crude was down 5 cents to $70.33 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT