Thai Shares Tipped To Build On Tuesday's Gains

(RTTNews) - The Thai stock market bounced higher again on Tuesday, one session after snapping the two-day winning streak in which it had risen just a single point. The Stock Exchange of Thailand now rests just above the 1,630-point plateau and it's predicted to add to its winnings on Wednesday.

The global forecast for the Asian markets is upbeat on continued optimism over the outlook for interest rates. The European and U.S. markets finished higher and the Asian bourses are expected to open in similar fashion.

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

For the day, the index added 9.04 points or 0.56 percent to finish at 1,632.61 after trading between 1,627.93 and 1,635.87. Volume was 17.228 billion shares worth 63.315 billion baht. There were 824 decliners and 790 gainers, with 589 stocks finishing unchanged.

Among the actives, Advanced Info strengthened 1.35 percent, while Thailand Airport and Kasikornbank both rose 0.34 percent, Asset World improved 0.84 percent, Banpu sank 0.77 percent, Bangkok Dusit Medical jumped 1.68 percent, Bangkok Expressway climbed 1.08 percent, B. Grimm increased 0.73 percent, BTS Group spiked 1.83 percent, CP All Public added 0.41 percent, Charoen Pokphand Foods advanced 1.00 percent, Energy Absolute gathered 1.55 percent, Gulf soared 2.97 percent, Krung Thai Bank collected 1.14 percent, PTT Oil & Retail rallied 2.05 percent, PTT shed 0.70 percent, PTT Exploration and Production perked 0.26 percent, PTT Global Chemical lost 0.52 percent, SCG Packaging was up 0.45 percent, Siam Commercial Bank slid 0.47 percent, Siam Concrete gained 0.88 percent, Thai Oil tumbled 1.72 percent, True Corporation advanced 0.82 percent and TTB Bank, Bangkok Bank, IRPC and Krung Thai Card were unchanged.

The lead from Wall Street is positive as the major averages accelerated Tuesday morning, faded in the afternoon but steadied going into the close.

The Dow surged 333.83 points or 1.02 percent to finish at 33,160.83, while the NASDAQ advanced 51.68 points or 0.49 percent to end at 10,616.20 and the S&P 500 gained 21.31 points or 0.56 percent to close at 3,828.11.

The higher close on Wall Street reflected recent upward momentum, with the major averages adding to the strong gains posted Monday and last Friday to further offset last week's pullback.

The continued strength also came as traders awaited the outcome of Tuesday's U.S. midterm elections, which will determine control of Congress.

The early afternoon pullback by stocks coincided with a steep drop by Bitcoin and other cryptocurrencies, which followed news Binance, the world's largest cryptocurrency exchange, reached a deal to buy competitor FTX.

Crude oil prices drifted lower on Tuesday as reports showing a surge in COVID-19 cases in China raised concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for December ended lower by $2.88 or 3.1 percent at $88.91 a barrel.