Additional Support Expected For Thai Stock Market

(RTTNews) - Ahead of Monday's holiday for Wesak Day, the Thai stock market had alternated between positive and negative finishes through the previous four trading days since the end of the five-day winning streak in which it had advanced more than 50 points or 4.3 percent. The Stock Exchange of Thailand now sits just above the 1,210-point plateau and it's got a strong lead for Tuesday's trade.

The global forecast for the Asian markets is upbeat on optimism over easing tariff concerns. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The SET finished modestly higher on Friday as gains from the food, industrial, resource and technology sectors were capped by weakness from the financial, property and service stocks.

For the day, the index rose 4.35 points or 0.36 percent to finish at 1,210.94 after trading between 1,195.86 and 1,213.68. Volume was 9.173 billion shares worth 40.958 billion baht. There were 261 decliners and 233 gainers, with 168 stocks finishing unchanged.

Among the actives, Advanced Info lost 0.66 percent, Thailand Airport strengthened 1.30 percent, Asset World skidded 0.98 percent, Banpu soared 4.26 percent, Bangkok Bank sank 0.70 percent, B. Grimm improved 0.83 percent, BTS Group slumped 4.92 percent, CP All Public dropped 0.95 percent, Charoen Pokphand Foods advanced 0.96 percent, Energy Absolute plummeted 5,43 percent, Gulf rallied 2.03 percent, Kasikornbank fell 0.30 percent, Krung Thai Bank shed 0.44 percent, PTT Oil & Retail declined 1.38 percent, PTT increased 0.81 percent, PTT Exploration and Production spiked 2.01 percent, PTT Global Chemical skyrocketed 7.22 percent, SCG Packaging surged 3.29 percent, Siam Commercial Bank retreated 1.24 percent, Siam Concrete rose 0.30 percent, Thai Oil accelerated 3.81 percent, True Corporation jumped 1.60 percent, TTB Bank collected 0.53 percent and Krung Thai Card, Bangkok Dusit Medical and Bangkok Expressway were unchanged.

The lead from Wall Street is broadly positive as the major averages opened firmly higher on Monday and remained well in the green throughout the trading day.

The Dow surged 1,160.72 points or 2.81 percent to finish at 42,410.10, while the NASDAQ soared 779.43 points or 4.35 percent to close at 18,708.34 and the S&P 500 rallied 184.28 points or 3.26 percent to end at 5,844.19.

The rally on Wall Street came following news of a U.S.-China trade deal that drastically reduces the massive tariffs on each other's goods.

The White House said the agreement calls for the U.S. and China to each lower tariffs by 115 percent while retaining an additional 10 percent tariff. The U.S. will retain tariffs imposed in response to the fentanyl national emergency, resulting in an effective tariff rate on Chinese goods of 30 percent.

The White House said the 34 percent reciprocal tariffs on U.S. and Chinese goods will be suspended for 90 days beginning May 14. Both nations also agreed to establish a mechanism to continue important discussions about trade and economics, the White House said.

Crude oil showed another strong move to the upside on Monday, riding optimism about the outlook for demand after the U.S. and China reached their trade deal. West Texas Intermediate crude for June delivery jumped $0.93 or 1.5 percent to $61.95 a barrel.