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Thai Stock Market May Test Resistance At 1,300 Points

The Thai stock market has moved higher in back-to-back sessions, rising more than 6 points or 0.5 percent along the way. The Stock Exchange of Thailand now rests just above the 1,285-point plateau and it may see additional support on Tuesday.

The global forecast for the Asian markets is broadly positive on optimism for a possible vaccine to counter the Covid-19 virus. The European and U.S. markets were sharply higher and the Asian bourses are tipped to follow suit.

The SET finished modestly higher on Monday following gains from the resource stocks and a mixed picture from the financial sector.

For the day, the index rose 5.77 points or 0.45 percent to finish at 1,286.53 after trading between 1,283.60 and 1,295.94. Volume was 13.380 billion shares worth 55.905 billion baht. There were 817 decliners and 613 gainers, with 348 stocks finishing unchanged.

Among the actives, Advanced Info fell 0.26 percent, while Thailand Airport dropped 0.85 percent, Asset World tumbled 2.09 percent, Banpu skyrocketed 14.73 percent, Bangkok Dusit Medical added 0.51 percent, Bangkok Expressway gained 0.53 percent, Charoen Pokphand Foods advanced 0.87 percent, Kasikornbank slid 0.60 percent, Krung Thai Bank lost 0.50 percent, PTT perked 1.41 percent, PTT Exploration and Production spiked 2.40 percent, PTT Global Chemical surged 5.99 percent, Siam Commercial Bank collected 0.38 percent, Siam Concrete was up 0.89 percent, TMB Bank jumped 0.89 percent and Bangkok Bank and BTS Group were unchanged.

The lead from Wall Street is upbeat as stocks opened sharply higher on Monday and gathered even more steam as the session progressed, cutting into last week's losses.

The Dow surged 911.95 points or 3.85 percent to finish at 24,597.37, while the NASDAQ jumped 220.27 points or 2.44 percent to 9.234.83 and the S&P 500 spiked 90.21 points or 3.15 percent to end at 2,953.91.

The rally on Wall Street came after Moderna (MRNA) reported "positive" phase one results for a potential coronavirus vaccine. Shares of the firm spiked 20 percent after the bio-tech company said an early-stage human trial for a vaccine produced antibodies in all 45 participants.

Energy stocks also saw substantial strength on the day as crude oil prices moved higher on Monday on easing worries about outlook for energy demand. West Texas Intermediate crude oil futures for June ended up $2.39 or 8.1 percent at $31.82 a barrel.

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