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Thai Stock Market May Add To Its Winnings On Friday

The Thai stock market on Thursday halted the two-day slide in which it had slipped more than 10 points or 0.6 percent. The Stock Exchange of Thailand now sits just beneath the 1,635-point plateau and it's likely to extend its gains on Friday.

The global forecast for the Asian markets is broadly positive, with support expected from the technology, retail, oil and airline stocks. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

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

For the day, the index gained 8.55 points or 0.53 percent to finish at 1,633.73 after trading between 1,629.31 and 1,636.02. Volume was 20.780 billion shares worth 61.370 billion baht. There were 905 gainers and 751 decliners, with 598 stocks finishing unchanged.

Among the actives, Thailand Airport added 0.72 percent, while Banpu spiked 3.39 percent, Bangkok Bank collected 0.79 percent, Bangkok Dusit Medical plunged 3.70 percent, CP All Public was up 0.79 percent, Charoen Pokphand Foods jumped 1.90 percent, Energy Absolute rose 0.28 percent, Gulf increased 0.53 percent, IRPC gathered 0.60 percent, Kasikornbank climbed 1.05 percent, Krung Thai Bank and PTT both perked 0.68 percent, Krung Thai Card accelerated 2.97 percent, PTT Exploration and Production rallied 2.89 percent, PTT Global Chemical improved 1.08 percent, Siam Commercial Bank advanced 0.92 percent, TTB Bank gained 0.81 percent and B. Grimm and PTT Oil & Retail were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Thursday and picked up steam ad the day progressed, finishing near session highs.

The Dow spiked 516.91 points or 1.61 percent to finish at 32,637.10, while the NASDAQ surged 305..91 points or 2.68 percent to end at 11,740.65 and the S&P 500 jumped 79.11 points or 1.99 percent to close at 4,057.84.

The strength on Wall Street came as traders continued to pick up stocks at relatively reduced levels following recent weakness.

Adding to the positive sentiment, the Labor Department reported that first-time claims for U.S. unemployment benefits pulled back by more than expected last week.

In other economic news, the Commerce Department said economic activity in the U.S. slumped slightly more than estimated in the first quarter of 2022. Also, the National Association of Realtors said pending home sales plummeted by much more than expected in April.

Crude oil prices rose sharply on Thursday amid increasing signs of tight supply in the market ahead of the peak U.S. driving season that kicks off next week. A weak dollar and the possibility of EU sanctions on Russian oil also contributed to the jump in oil prices. West Texas Intermediate Crude oil futures for July ended higher by $3.76 or 3.4 percent at $114.09 a barrel.

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