Higher Open Called For Thai Stock Market

(RTTNews) - The Thai stock market on Tuesday ended the eight-day losing streak in which it had stumbled more than 80 points or 7 percent. The Stock Exchange of Thailand now sits just above the 1,100-point plateau and it's expected to extend those gains on Wednesday.

The global forecast for the Asian markets is upbeat following news of a ceasefire between Israel and Iran. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The SET finished sharply higher on Tuesday following bargain hunting among the food, finance, consumer, industrial, property, resource, service and technology sectors.

For the day, the index surged 37.23 points or 3.50 percent to finish at the daily high of 1,100.01 after trading as low as 1,074.96. Volume was 9.947 billion shares worth 52.840 billion baht.

Among the actives, Advanced Info climbed 1.46 percent, while Thailand Airport rallied 5.17 percent, Asset World surged 8.13 percent, Banpu gained 3.88 percent, Bangkok Bank collected 1.46 percent, Bangkok Dusit Medical jumped 1.97 percent, Bangkok Expressway rose 1.28 percent, BTS Group was up 4.73 percent, CP All Public soared 4.05 percent, Charoen Pokphand Foods improved 2.23 percent, Energy Absolute skyrocketed 9.32 percent, Gulf rallied 7.05 percent, Kasikornbank collected 1.97 percent, Krung Thai Bank spiked 2.83 percent, Krung Thai Card plummeted 15.25 percent, PTT Oil & Retail accelerated 3.92 percent, PTT added 1.67 percent, PTT Global Chemical skyrocketed 7.57 percent, SCG Packaging surged 6.49 percent, Siam Commercial Bank collected 2.16 percent, Siam Concrete soared 6.75 percent, Thai Oil accelerated 3.81 percent, True Corporation gained 3.85 percent, TTB Bank spiked 3.24 percent and PTT Exploration and Production was unchanged.

The lead from Wall Street is positive as the major averages opened solidly higher and remained in the green throughout the trading day, ending near session highs.

The Dow jumped 507.24 points or 1.19 percent to finish at 43,089.02, while the NASDAQ rallied 281.56 points or 1.43 percent to close at 19,912.53 and the S&P 500 improved 67.01 points or 1.11 percent to end at 6,092.18.

The continued strength on Wall Street came after news that a ceasefire between Israel and Iran is now in effect. While both sides have accused each other of violating the ceasefire, traders appeared to remain optimistic about easing tensions in the Middle East.

Meanwhile, traders largely shrugged off comments from Federal Reserve Chair Jerome Powell indicating the central bank will remain on hold despite pressure from Trump to lower interest rates.

On the U.S. economic front, the Conference Board released a report showing an unexpected deterioration by consumer confidence in the month of June.