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Thai Stock Market Tipped To Extend Winning Streak

The Thai stock market has climbed higher in four straight sessions, rising more than 40 points or 3.3 percent along the way. The Stock Exchange of Thailand now rests just above the 1,320-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is broadly positive on optimism for economic recovery in the wake of the Covid-19 shutdown. The European and U.S. markets were sharply higher and the Asian markets are tipped to open in similar fashion.

The SET finished modestly higher on Wednesday following gains from the energy producers and a mixed picture from the financial sector.

For the day, the index climbed 12.25 points or 0.94 percent to finish at 1,322.20 after trading between 1,306.96 and 1,322.22. Volume was 15.164 billion shares worth 67.672 billion baht. There were 819 gainers and 523 decliners, with 353 stocks finishing unchanged.

Among the actives, Advanced Info climbed 1.06 percent, while Thailand Airport dropped 0.83 percent, Asset World plunged 3.39 percent, Banpu spiked 2.72 percent, Bangkok Bank shed 0.78 percent, Bangkok Dusit Medical advanced 0.97 percent, Bangkok Expressway skidded 1.53 percent, BTS Group lost 0.83 percent, Kasikornbank collected 1.15 percent, Krung Thai Bank retreated 1.51 percent, PTT perked 0.68 percent, PTT Exploration and Production added 0.57 percent, Siam Commercial Bank rose 0.36 percent, Siam Concrete gained 0.58 percent, TMB Bank surged 7.22 percent and Charoen Pokphand Foods and PTT Global Chemical were unchanged.

The lead from Wall Street is upbeat as stocks showed a strong move to the upside on Wednesday, erasing the losses posted in the previous session.

The Dow climbed 369.04 points or 1.52 percent to finish at 24,575.90, while the NASDAQ surged 190.67 points or 2.08 percent to 9,375.78 and the S&P 500 jumped 48.67 points or 1.67 percent to end at 2,971.61.

The rally on Wall Street reflected optimism for an economic recovery as states reopen following the coronavirus-induced lockdowns. Early indications suggest the states that have reopened have not seen a spike in coronavirus cases, which has led to hopes the economy may rebound more quickly than expected.

Positive sentiment was also generated by earnings news from home improvement retailer Lowe's (LOW), which reported Q1 results that exceeded estimates on both the top and bottom lines.

Also, the minutes of the Federal Reserve's latest monetary policy meeting highlighted concerns about the uncertainty and risks to economic activity created by the coronavirus pandemic.

Crude oil prices climbed to a 10-week high on Wednesday after data showed a drop in crude stockpiles, and amid optimism about a pickup in energy demand. West Texas Intermediate Crude oil futures for July ended up $1.53, or 4.8 percent at $33.49 a barrel, the highest since March 10.

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