Higher Open Predicted For Thai Stock Market

The Thai stock market bounced higher again on Thursday, one session after halting the two-day winning streak in which it had gained almost 20 points or 1.2 percent. The Stock Exchange of Thailand now rests just beneath the 1,635-point plateau and it's expected to see continued support on Friday.

The global forecast for the Asian markets is broadly positive on a U.S. debt limit agreement, upbeat economic news and a spike in crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

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

For the day, the index gained 14.24 points or 0.88 percent to finish at 1,633.72 after trading between 1,624.59 and 1,637.82. Volume was 33.365 billion shares worth 100.949 billion baht.

Among the actives, Advanced Info rose 0.26 percent, while Bangkok Bank rallied 2.60 percent, Bangkok Dusit Medical added 0.45 percent, Bangkok Expressway gained 0.56 percent, BTS Group climbed 1.06 percent, Siam Global House spiked 3.86 percent, Gulf jumped 1.71 percent, IRPC tumbled 1.80 percent, Kasikornbank soared 4.04 percent, Krung Thai Bank surged5.45 percent, Krung Thai Card accelerated 2.24 percent, PTT Oil & Retail advanced 2.68 percent, PTT skidded 1.25 percent, PTT Exploration and Production retreated 1.23 percent, PTT Global Chemical was up 0.39 percent, SCG Packaging fell 0.41 percent, Siam Commercial Bank collected 3.28 percent, Siam Concrete improved 1.27 percent, TTB Bank skyrocketed 4.50 percent and Thailand Airport and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is solid as the major averages opened higher on Thursday and remained that way throughout the trading day.

The Dow surged 337.95 points or 0.98 percent to finish at 34,754.94, while the NASDAQ jumped 152.10 points or 1.05 percent to close at 14,654.02 and the S&P 500 gained 36.21 points or 0.83 percent to end at 4,399.76.

The rally on Wall Street came as lawmakers reached an agreement to temporarily extend the debt limit, avoiding a potential default. The agreement would reportedly increase the debt limit by $480 billion, allowing the Treasury to continuing paying its bills through December 3.

Adding to the positive sentiment, a report from the Labor Department showed a bigger than expected pullback in first-time claims for U.S. unemployment benefits last week.

Crude oil prices advanced Thursday, rebounding from losses in the previous session, on reports the U.S. Energy Department is unlikely to tap the nation's Strategic Petroleum Reserve. West Texas Intermediate Crude oil futures for November ended up $0.87 or 1.1 percent at $78.30 a barrel.

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