Thai Stock Market Has Strong Lead For Tuesday

(RTTNews) - The Thai stock market on Monday snapped the two-day losing streak in which it had tumbled more than 35 points or 2.3 percent. The Stock Exchange of Thailand now sits just above the 1,470-point plateau and it's likely to open higher again on Tuesday.

The global forecast for the Asian markets is upbeat on sinking oil prices and rebounding technology shares. The European and U.S. markets were sharply higher and the Asian bourses are expected to open in similar fashion.

The SET finished modestly higher on Monday as gains from the consumer, resource and technology sectors were offset by weakness from the food and industrial shares.

For the day, the index gained 7.37 points or 0.50 percent to finish at 1,473.07 after trading between 1,468.32 and 1,483.99. Volume was 10.126 billion shares worth 52.524 billion baht. There were 238 decliners and 201 gainers, with 215 stocks finishing unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher and continued to accelerate throughout the day, ending near session highs.

The Dow surged 1,104.02 points or 2.15 percent to finish at 52,389.75, while the NASDAQ rallied 673.71 points or 2.74 percent to close at 25,253.14 and the S&P 500 spiked 173.08 points or 2.35 percent to end at 7,549.94.

The rally on Wall Street came as traders continued to pick up stocks at relatively reduced levels following last week's historic sell-off. Technology stocks led the way higher again, helping the NASDAQ recover further from its lowest levels in over six months.

The extended recovery by tech stocks comes despite a sharp pullback by shares of Nvidia (NVDA) after the chipmaker said it would open an investigation into reports that CEO Jensen Huang was the target of a foreign intelligence effort.

Buying interest has also been generated in reaction to a steep drop by the price of crude oil, with U.S. crude oil futures plunging by more than 3 percent.

Crude oil prices plummeted on Monday after U.S. President Donald Trump downplayed the possibility for fresh strikes on Iran that diminished supply disruption concerns. West Texas Intermediate crude for December delivery was down $3.25 or 3.58 percent at $87.58 per barrel.