Thai Stock Market May Add To Its Winning

(RTTNews) - The Thai stock market has finished higher in back-to-back sessions, gathering almost 30 points or 2 percent along the way. The Stock Exchange of Thailand now sits just above the 1,590-point plateau and it's got a solid lead for Monday's trade. The global forecast for the Asian markets is cautiously optimistic on hopes for an end to the conflict in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished sharply higher on Friday following gains from the food, finance, property, service and technology sectors. For the day, the index climbed 20.09 points or 1.28 percent to finish at 1,592.41 after trading between 1,582.26 and 1,595.84. Volume was 11.055 billion shares worth 67.381 billion baht. There were 291 gainers and 146 decliners, with 224 stocks finishing unchanged. Among the actives, Advanced Info strengthened 1.95 percent, while Thailand Airport skyrocketed 4.04 percent, Asset World soared 3.36 percent, Bangkok Bank accelerated 2.37 percent, Bangkok Dusit Medical rose 0.56 percent, Bangkok Expressway expanded 4.81 percent, B. Grimm surged 6.43 percent, CP All Public and PTT Oil & Retail both improved 1.68 percent, Charoen Pokphand Foods rallied 2.14 percent, Energy Absolute added 0.64 percent, Gulf expanded 1.99 percent, Kasikornbank spiked 2.78 percent, Krung Thai Bank collected 1.44 percent, Krung Thai Card increased 0.83 percent, PTT retreated 1.37 percent, PTT Exploration and Production slumped 1.38 percent, PTT Global Chemical tanked 2.16 percent, SCG Packaging tumbled 1.78 percent, Siam Commercial Bank jumped 1.82 percent, Thai Oil plunged 2.20 percent, True Corporation climbed 1.45 percent, TTB Bank vaulted 2.61 percent and Siam Concrete, Banpu and BTS Group were unchanged.

The lead from Wall Street suggests mild upside as the major averages shook off early weakness on Friday before trending higher to finish firmly in the green.

The Dow jumped 353.51 points or 0.70 percent to finish at 51,202.26, while the NASDAQ added 79.18 points or 0.31 percent to close at 25,888.84 and the S&P 500 collected 37.16 points or 0.50 percent to end at 7,431.46.

Optimism about an end to the conflict in the Middle East contributed to continued strength on Wall Street, although traders seemed reluctant to make more significant moves amid conflicting comments from President Donald Trump.

Reports have indicated the U.S.-Iran memorandum of understanding calls for the Strait of Hormuz to be reopened immediately without tolls and for Iran to receive sanctions relief based on compliance.

Traders also kept an eye on shares of SpaceX (SPCX), with the rocket maker making its debut on the NASDAQ in the largest initial public offering (IPO) in history. SpaceX soared by 19.3 percent on the day.

Crude oil prices tumbled on Friday after Trump claimed that the Strait of Hormuz will reopen, resulting in waning supply disruption concerns. West Texas Intermediate crude for July delivery sank $2.86 or 3.26 percent at $84.85 per barrel.