Additional Support Anticipated For Thai Stock Market

The Thai stock market has ticked higher in back-to-back trading days, collecting more than 15 points or 1 percent along the way. The Stock Exchange of Thailand now rests just shy of the 1,620-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is upbeat, riding a surge in crude oil prices. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The SET finished slightly higher on Wednesday following gains from the financial shares and communication stocks.

For the day, the index rose 4.73 points or 0.29 percent to finish at 1,619.50 after trading between 1,611.76 and 1,623.86. Volume was 36.445 billion shares worth 79.028 billion baht. There were 840 decliners and 742 gainers, with 624 stocks finishing unchanged.

Among the actives, Advanced Info jumped 1.81 percent, while Bangkok Bank shed 0.44 percent, Bangkok Expressway rallied 2.25 percent, BTS Group spiked 2.13 percent, Gulf climbed 1.23 percent, Kasikornbank collected 0.83 percent, Krung Thai Card plunged 3.57 percent, PTT Oil & Retail advanced 0.88 percent, PTT Global Chemical perked 0.84 percent, Siam Commercial Bank gained 1.86 percent, Siam Concrete rose 0.49 percent, True Corporation skyrocketed 10.06 percent, TTB Bank improved 0.93 percent and Thailand Airport, Bangkok Dusit Medical, Charoen Pokphand Foods, Krung Thai Bank, PTT, PTT Exploration and Production and SCG Packaging all were unchanged.

The lead from Wall Street is solid as the major averages opened higher on Wednesday and remained in the green throughout the session.

The Dow spiked 3.38 points or 1.00 percent to finish at 34,258.32, while the NASDAQ jumped 150.45 points or 1.02 percent to end at 14,896.85 and the S&P 500 perked 41.45 points or 0.95 percent to close at 4.395.64.

The early rally on Wall Street came as traders picked up stocks at reduced levels following the slump seen during the month of September.

Stocks held on to strong gains even as the Federal Reserve hinted tapering of its asset purchases could begin in the near future amid continued progress towards it goals of maximum employment and price stability.

During his post-meeting press conference, Fed Chair Jerome Powell indicated the central bank could begin tapering its asset purchases as soon as its next meeting in early November.

Crude oil prices climbed on Wednesday after data showed a larger than expected drop in U.S. crude stockpiles last week. West Texas Intermediate crude oil futures for November ended up $1.74 or 2.5 percent at $72.23 a barrel.

Closer to home, Thailand will release August numbers for imports, exports and trade balance later today. Imports are expected to surged 40.35 percent on year, slowing from 45.95 percent in July. Exports are called higher by an annual 13.5 percent, down from 20.27 percent in the previous month. The trade surplus is pegged at $0.97 billion, up from $0.18 billion a month earlier.

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