Thai Stock Market May Extend Winning Streak

(RTTNews) - The Thai stock market has moved higher in two straight sessions, collecting almost 10 points or 0.8 percent in that span. The Stock Exchange of Thailand now sits just above the 1,190-point plateau and it may see mild upside again on Tuesday.

The global forecast for the Asian markets is upbeat, with support expected from the technology stocks and oil companies. The European markets were slightly lower and the U.S. bourses were sharply higher and the Asian markets figure to follow the latter lead.

The SET finished slightly higher on Monday as gains from the resource, services and technology sectors were capped by weakness from the food and financial companies.

For the day, the index rose 3.45 points or 0.29 percent to finish at 1,190.06 after trading between 1,182.60 and 1,192.59. Volume was 6.327 billion shares worth 23.385 billion baht. There were 218 gainers and 216 decliners, with 219 stocks finishing unchanged.

Among the actives, Advanced Info rallied 2.24 percent, while Thailand Airport accelerated 1.88 percent, Banpu retreated 1.34 percent, Bangkok Dusit Medical gained 0.44 percent, B. Grimm tanked 2.68 percent, CP All Public jumped 1.99 percent, Charoen Pokphand Foods shed 0.41 percent, Energy Absolute advanced 0.85 percent, Kasikornbank dropped 0.91 percent, Krung Thai Card lost 0.54 percent, PTT Oil & Retail climbed 0.94 percent, PTT strengthened 1.57 percent, PTT Exploration and Production improved 1.31 percent, Siam Commercial Bank fell 0.40 percent, Siam Concrete added 0.61 percent, Thai Oil sank 0.93 percent, True Corporation soared 3.60 percent and TTB Bank, Bangkok Bank, Krung Thai Bank, PTT Global Chemical, SCG Packaging, Asset World, Gulf, Bangkok Expressway and BTS Group were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Monday and remained in the green throughout the day, ending near session highs.

The Dow jumped 597.97 points or 1.42 percent to finish at 42,583.32, while the NASDAQ rallied 404.54 points or 2.27 percent to close at 18,188.59 and the S&P 500 gained 100.01 points or 1.76 percent to end at 5,767.57.

The support on Wall Street came on reports that President Donald Trump may hold back some of the reciprocal tariffs set to take effect on April 2.

Semiconductor and networking stocks had a very good outing. Shares from steel, banking, retail and airline sectors too closed mostly higher.

Oil prices climbed higher on Monday after Trump announced a 25 percent secondary tariff on countries purchasing oil or gas from Venezuela. West Texas Intermediate Crude oil futures for May settled higher by $0.83 or 1.22 percent at $69.11 a barrel.