Thai Stock Market Poised To Extend Its Winning Streak

The Thai stock market has climbed higher in back-to-back trading days, collecting more than 35 points or 2.3 percent along the way. The Stock Exchange of Thailand now rests just above the 1,585-point plateau and it's predicted to extend its gains on Monday.

The global forecast for the Asian markets is positive on optimism for the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The SET finished modestly higher on Friday following gains from the energy producers and a mixed picture from the financials.

For the day, the index gained 13.12 points or 0.83 percent to finish at 1,585.03 after trading between 1,577.19 and 1,589.21. Volume was 33.148 billion shares worth 93.877 billion baht. There were 813 gainers and 807 decliners, with 434 stocks finishing unchanged.

Among the actives, Advanced Info added 0.59 percent, while Thailand Airport advanced 0.82 percent, Asset World and Bangkok Bank both gained 0.42 percent, Bangkok Asset Management rose 0.50 percent, BTS Group climbed 1.14 percent, Charoen Pokphand Foods improved 0.88 percent, Gulf gathered 1.49 percent, Kasikornbank retreated 1.57 percent, Krung Thai Bank collected 0.89 percent, PTT perked 1.89 percent, PTT Exploration and Production increased 0.42 percent, PTT Global Chemical soared 2.58 percent, SCG Packaging rallied 0.90 percent, Siam Commercial Bank accelerated 1.00 percent, Siam Concrete tanked 2.11 percent and TMB Bank, Bangkok Dusit Medical, Bangkok Expressway and PTT Oil & Retail were unchanged.

The lead from Wall Street is upbeat as the major averages opened mostly higher on Friday and remained in the green throughout the trading day.

The Dow jumped 229.26 points or 0.66 percent to finish at 34,777.76, while the NASDAQ spiked 119.44 points or 0.88 percent to end at 13,752.24 and the S&P 500 added 30.98 points or 0.74 percent to close at 4,232.60. For the week, the Dow surged 2.7 percent, the NASDAQ fell 1.5 percent and the S&P 500 gained 1.2 percent.

The strength on Wall Street followed the closely watched Labor Department report showing weaker than expected job growth in April. Traders reacted positively to this because the it reinforced the view the Federal Reserve will leave ultra-easy monetary policy in place for the foreseeable future.

The data led to a particularly strong upward move by high-growth tech stocks, which are seen as more susceptible to higher interest rates.

Crude oil prices moved higher on Friday on optimism for increased demand in Europe and the U.S. although gains were capped by coronavirus concerns in Asia. West Texas Intermediate Crude oil futures for June ended up $0.19 or 0.3 percent at $64.90 a barrel. WTI crude futures gained about 2.1 percent in the week.

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