Thai Shares Tipped To Open In The Green

(RTTNews) - The Thai Stock market rebounded on Wednesday, one day after ending the four-day winning streak in which it had rallied almost 40 points or 2.7 percent. The Stock Exchange of Thailand now sits just above the 1,515-point plateau and it may extend its gains on Thursday.

The global forecast for the Asian markets is positive on hopes for an end to hostilities in the Middle East. The European and U.S. markets were sharply higher and the Asian bourses are expected to follow that lead.

The SET finished sharply higher on Wednesday following gains from the food, finance, consumer, property, service and technology sectors.

For the day, the index jumped 26.81 points or 1.80 percent to finish at 1,516.91 after trading between 1,494.23 and 1,517.94. Volume was 11.404 billion shares worth 82.023 billion baht. There were 322 gainers and 170 decliners, with 172 stocks finishing unchanged.

Among the actives, Advanced Info strengthened 2.35 percent, while Thailand Airport skyrocketed 3.90 percent, Asset World elevated 1.90 percent, Bangkok Bank climbed 1.24 percent, Bangkok Dusit Medical lost 0.54 percent, Bangkok Expressway gathered 1.89 percent, B. Grimm soared 4.58 percent, BTS Group was up 2.91 percent, CP All Public rose 1.73 percent, Charoen Pokphand Foods jumped 2.08 percent, Energy Absolute collected 1.50 percent, Gulf surged 5.65 percent, Kasikornbank vaulted 1.55 percent, Krung Thai Card increased 0.85 percent, PTT Oil & Retail gained 1.63 percent, PTT tumbled 2.74 percent, PTT Exploration and Production plunged 4.14 percent, PTT Global Chemical expanded 1.27 percent, SCG Packaging spiked 1.98 percent, Siam Commercial Bank improved 1.15 percent, Siam Concrete accelerated 3.03 percent, Thai Oil sank 0.52 percent, True Corporation added 0.72 percent, TTB Bank advanced 0.88 percent and Krung Thai Bank and Banpu were unchanged.

The lead from Wall Street is strong as the major averages opened higher on Wednesday and continued to pick up steam as the day progressed, ending at session highs.

The Dow spiked 612.34 points or 1.24 percent to finish at 49,910.59, while the NASDAQ rallied 512.82 points or 2.02 percent to end at 25,838.94 and the S&P 500 jumped 105.90 points or 1.46 percent to close at 7,365.12.

The rally on Wall Street came amid optimism about an end to the conflict in the Middle East after reports said the White House believes it's getting close to an agreement with Iran on a one-page memorandum of understanding.

Adding to the optimism about a peace deal, President Donald Trump said the U.S. would pause its efforts to escort ships through the Strait of Hormuz to see whether or not the agreement can be finalized and signed.

On the U.S. economic front, payroll processor ADP released a report showing private sector employment in the U.S. jumped more than expected in April.

Crude oil prices went into freefall after Trump indicated the U.S. and Iran may reach a deal soon. West Texas Intermediate crude for June delivery was down $7.83 or 7.66 percent at $94.44 per barrel.