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Thai Bourse May Reclaim 1,100-Point Level

The Thai stock market has climbed higher in three straight sessions, gathering more than 65 points or 6.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,090-point plateau and it's got another green light for Friday's trade.

The global forecast for the Asian markets is upbeat on the expectation of massive stimulus relief for the coronavirus pandemic. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The SET finished sharply higher on Thursday following gains from the financial shares and the energy producers.

For the day, the index climbed 11.93 points or 1.10 percent to finish at 1,091.96 after trading between 1,072.94 and 1,103.59. Volume was 9.239 billion shares worth 62.344 billion baht. There were 602 gainers and 455 decliners, with 407 stocks finishing unchanged.

Among the actives, Thailand Airport advanced 1.00 percent, while Asset World climbed 1.30 percent, Banpu spiked 3.96 percent, Bangkok Bank jumped 1.63 percent, Bangkok Expressway soared 4.14 percent, BTS Group accelerated 3.49 percent, Charoen Pokphand Foods gathered 1.91 percent, Kasikornbank collected 3.07 percent, Krung Thai Bank perked 4.81 percent, PTT Exploration and Production added 1.51 percent, PTT Global Chemical gained 0.90 percent, Siam Commercial Bank surged 5.35 percent, Siam Concrete increased 3.19 percent, TMB Bank rose 4.05 percent and PTT, Advanced Info and Bangkok Dusit Medical were unchanged.

The lead from Wall Street is broadly positive as stocks opened higher on Thursday and extended gains as the session progressed.

The Dow surged 1,351.62 points or 6.38 percent to finish at 22,552.17, while the NASDAQ added 413.24 points or 5.60 percent to 7,797.54 and the S&P 500 jumped 154.51 points or 6.24 percent to 2,630.07.

The rally on Wall Street came even though the Labor Department reported that first-time claims for unemployment benefits soared last week, as large swaths of the U.S. economy were shut down due to the coronavirus pandemic.

Any negative sentiment also seems to have been offset by last night's news that the Senate finally voted to approve a massive $2 trillion stimulus package in response to the coronavirus pandemic. The Republican Senate passed the bill unanimously and it now moves to the House, which is expected to pass the legislation later today and send it on to President Trump.

Crude oil prices declined sharply and closed lower for the first time in four sessions as concerns about outlook for energy demand weighed on the commodity. West Texas Intermediate crude oil futures for May ended down $1.89 or 7.7 percent at $22.60 a barrel.

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