Thai Stock Market May Add To Its Winnings On Wednesday

(RTTNews) - The Thai stock market on Tuesday snapped the two-day slide in which it had dipped more than 8 points or 0.5 percent. The Stock Exchange of Thailand now sits just above the 1,560-point plateau and it's expected to extend its gains on Wednesday.

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

The SET finished modestly higher on Tuesday following gains from the food, technology, energy, industrial and financial sectors.

For the day, the index gained 10.99 points or 0.71 percent to finish at 1,562.40 after trading between 1,552.30 and 1,566.26. Volume was 11.713 billion shares worth 41.920 billion baht.

Among the actives, Asset World soared 2.94 percent, while Banpu shed 0.57 percent, Bangkok Bank rose 0.31 percent, Bangkok Dusit Medical dropped 0.86 percent, Bangkok Expressway surged 2.40 percent, B. Grimm gathered 0.67 percent, BTS Group accelerated 2.03 percent, CP All Public perked 0.79 percent, Charoen Pokphand Foods shed 0.46 percent, Gulf climbed 1.08 percent, Kasikornbank collected 0.38 percent, Krung Thai Bank added 0.52 percent, Krung Thai Card strengthened 1.46 percent, PTT Oil & Retail advanced 0.97 percent, PTT Exploration and Production rallied 1.67 percent, PTT Global Chemical improved 0.65 percent, SCG Packaging spiked 2.58 percent, Siam Commercial Bank gained 0.47 percent, Siam Concrete increased 0.60 percent, Thai Oil was up 1.10 percent, TTB Bank jumped 1.86 percent and Energy Absolute, PTT, Advanced Info, True Corporation and Thailand Airport were unchanged.

The lead from Wall Street is solid as the major averages opened higher on Tuesday and remained firmly in the green throughout the session.

The Dow jumped 145.79 points or 0.43 percent to finish at 34,212.12. while the NASDAQ rallied 111.40 points or 0.83 percent to end at 13,573.32 and the S&P 500 gained 30.08 points or 0.69 percent to close at 4,369.01.

The continued strength on Wall Street came following the release of the Labor Department's highly anticipated report on consumer price inflation in the month of May, which showed prices edged slightly higher.

The data added to optimism about the Federal Reserve pausing its recent interest rate increases when the central bank announces its monetary policy decision later today.

Crude oil prices rose sharply on Tuesday after the People's Bank of China announced a surprise rate cut, and the dollar weakened after data showing a slowdown in U.S. inflation raised expectations the Fed will pause rate increases. West Texas Intermediate Crude oil futures for July ended higher by $2.30 or 3.4 percent at $69.42 a barrel.