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Additional Support Likely For Thai Stock Market

The Thai stock market has alternated between positive and negative finishes through the last four trading days since the end of the five-day winning streak in which it had advanced more than 40 points or 2.4 percent. The Stock Exchange of Thailand now sits just above the 1,665-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is positive, with support expected from the oil and technology stocks. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.

The SET finished modestly higher on Tuesday following gains from the financial shares and the energy producers.

For the day, the index added 10.06 points or 0.61 percent to finish at 1,667.12 after trading between 1,659.00 and 1,667.70. Volume was 26.927 billion shares worth 79.246 billion baht.

Among the actives, Advanced Info rallied 2.28 percent, while Thailand Airport sank 0.82 percent, Asset World added 0.45 percent, Bangkok Bank collected 0.40 percent, Bangkok Dusit Medical shed 0.44 percent, BTS Group climbed 1.09 percent, Charoen Pokphand Foods advanced 0.93 percent, IRPC spiked 2.53 percent, Kasikornbank rose 0.35 percent, Krung Thai Card dropped 0.82 percent, PTT jumped 1.30 percent, PTT Exploration and Production perked 0.82 percent, PTT Global Chemical improved 0.84 percent, SCG Packaging accelerated 1.53 percent, Siam Commercial Bank gained 0.40 percent, Siam Concrete soared 1.83 percent, True Corporation surged 2.18 percent and TTB Bank, Banpu, Bangkok Expressway, CP All Public, Energy Absolute, Gulf, Krung Thai Bank and PTT Oil & Retail were unchanged.

The lead from Wall Street is firm as the major averages opened lower on Tuesday and were directionless through the morning but accelerated into the green in the afternoon, finishing near daily highs.

The Dow jumped 183.15 points or 0.51 percent to finish at 36,252.02, while the NASDAQ surged 210.62 points or 1.41 percent to end at 15,153.82 and the S&P 500 gained 42.78 points or 0.92 percent to close at 4,713.07.

The turnaround on Wall Street came after Federal Reserve Chair Jerome Powell testified before a Senate Banking Committee hearing on his nomination for another term. Powell highlighted elevated inflation as a result of supply chain issues and said the Fed would use all of its tools to prevent higher inflation from becoming entrenched.

While Powell's remarks have been described as hawkish, they are not seen as indicating the Fed will be more aggressive than already suggested by the minutes of the central bank's latest meeting.

Treasury yields moved to the downside in reaction to Powell's testimony, with the benchmark ten-year yield continuing to give ground after reaching its highest intraday level since January 2020 on Monday.

Crude oil prices moved sharply higher Tuesday, lifting the most active crude futures contract to the highest settlement in about two months. Hopes that the spread of the Omicron variant will not derail the global economy and adversely impact energy demand supported oil prices. West Texas Intermediate crude oil futures for February spiked $2.99 or 3.8 percent at $81.22 a barrel.

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