Thai Stock Market May See Continued Support

(RTTNews) - The Thai stock market moved back to the upside again on Tuesday, one day after ending the three-day winning streak in which it had advanced more than 20 points or 1.9 percent. The Stock Exchange of Thailand now sits just beneath the 1,145-point plateau and it's expected to extend its gains on Wednesday.

The global forecast for the Asian markets is positive on optimism that the U.S. and China may scale back their tariff talk. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The SET finished modestly higher on Tuesday following gains from the food, consumer, industrial, property, resource, service and technology sectors.

For the day, the index gained 9.34 points or 0.82 percent to finish at 1,144.05 after trading between 1,127.46 and 1,146.02. Volume was 7.540 billion shares worth 35.739 billion baht. There were 334 gainers and 146 decliners, with 146 stocks finishing unchanged.

Among the actives, Thailand Airport rose 0.67 percent, while Asset World soared 3.74 percent, Banpu improved 0.95 percent, Bangkok Bank skidded 1.05 percent, Bangkok Dusit Medical added 0.85 percent, Bangkok Expressway gained 1.71 percent, B. Grimm surged 4.67 percent, BTS Group exploded 6.99 percent, CP All Public increased 2.01 percent, Energy Absolute accelerated 4.81 percent, Gulf jumped 2.25 percent, Kasikornbank collected 0.34 percent, Krung Thai Bank shed 0.50 percent, Krung Thai Card spiked 2.20 percent, PTT Oil & Retail strengthened 1.55 percent, PTT slumped 0.81 percent, PTT Global Chemical climbed 1.12 percent, SCG Packaging rallied 2.33 percent, Siam Commercial Bank lost 0.44 percent, Siam Concrete advanced 1.01 percent, Thai Oil skyrocketed 4.46 percent, TTB Bank sank 0.55 percent and Charoen Pokphand Foods, Advanced Info, True Corporation and PTT Exploration and Production were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher and improved as the day progressed, ending near session highs.

The Dow surged 1,016.57 points or 2.66 percent to finish at 39,186.98, while the NASDAQ rallied 429.52 points or 2.71 percent to close at 16,300.42 and the S&P 500 jumped 129.56 points or 2.51 percent to end at 5,287.76.

The rally on Wall Street came as traders looked to pick up stocks at reduced levels following the steep drop on Monday, amid lingering trade war concerns and President Donald Trump's continued attacks on Federal Reserve Chair Jerome Powell.

Further buying interest was generated in reaction to reports indicating Treasury Secretary Scott Bessent told a closed-door investor summit he expects the trade dispute between the U.S. and China to de-escalate.

The markets also benefitted from positive earnings news from the likes of 3M (MMM) and aircraft engine supplier GE Aerospace (GE), which both beat the street.

Crude oil moved sharply higher on Tuesday after the Treasury Department announced new sanctions against Iran. West Texas Intermediate crude for May delivery surged $1.23 or 2.0 percent to $64.31 a barrel.