Thai Stock Market May Reclaim 1,600-Point Level

(RTTNews) - The Thai stock market has tracked higher in back-to-back sessions, gathering almost 30 points or 2 percent along the way. The Stock Exchange of Thailand now rests just above the 1,590-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is upbeat on bargain hunting and renewed optimism over earnings. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.

The SET finished sharply higher on Tuesday following gains from the financial shares, cement companies and energy stocks.

For the day, the index advanced 18.96 points or 1.21 percent to finish at 1,590.36 after trading between 1,576.62 and 1,594.68. Volume was 17.636 billion shares worth 63.968 billion baht. There were 1,319 gainers and 489 decliners, with 428 stocks finishing unchanged.

Among the actives, Thailand Airport rallied 2.49 percent, while Banpu sank 0.78 percent, Bangkok Bank collected 0.36 percent, Bangkok Dusit Medical declined 1.71 percent, Bangkok Expressway climbed 1.12 percent, B. Grimm surged 4.13 percent, BTS Group strengthened 1.23 percent, CP All Public spiked 2.63 percent, Charoen Pokphand Foods dropped 0.99 percent, Energy Absolute added 0.54 percent, Gulf accelerated 3.09 percent, IRPC jumped 2.00 percent, Kasikornbank gained 0.69 percent, Krung Thai Card rose 0.44 percent, PTT Oil & Retail skidded 0.98 percent, PTT Exploration and Production perked 0.29 percent, SCG Packaging increased 0.48 percent, Siam Commercial Bank improved 1.94 percent, Siam Concrete soared 2.25 percent, Thai Oil and True Corporation both advanced 0.98 percent, TTB Bank was up 0.82 percent and Advanced Info, Asset World, Krung Thai Bank, PTT and PTT Global Chemical were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday, faded midday but bounced higher again heading into the close.

The Dow surged 337.98 points or 1.12 percent to finish at 30,525.80, while the NASDAQ advanced 96.60 points or 0.90 percent to end at 10,772.40 and the S&P 500 climbed 42.03 points or 1.14 percent to close at 3,719.98.

The initial strength on Wall Street reflected a positive reaction to upbeat earnings news from companies like Goldman Sachs (GS) and Johnson & Johnson (JNJ), which helped ease concerns about the strength of the earnings season.

In economic news, the Federal Reserve released a report showing industrial production increased by more than expected in September.

Crude oil prices fell sharply on Tuesday after a volatile session amid uncertainty about the outlook for energy demand. West Texas Intermediate Crude oil futures for November slumped $2.64 or 3.1 percent at $82.82 a barrel.