Thai Stock Market Tipped To Open In The Green

(RTTNews) - The Thai stock market bounced higher again on Wednesday, one day after ending the three-day winning streak in which it had spiked more than 50 points or 4.1 percent. The Stock Exchange of Thailand now sits just beneath the 1,220-point plateau and it's expected to open to the upside again on Thursday.

The global forecast for the Asian markets is upbeat on optimism for trade deals. The European and U.S. markets were solidly higher and the Asian bourses are expected to follow that lead.

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

For the day, the index jumped 27.87 points or 2.34 percent to finish at 1,219.62 after trading between 1,202/25 and 1,222.75. Volume was 10.525 billion shares worth 45.127 billion baht. There were 427 gainers and 79 decliners, with 147 stocks finishing unchanged.

Among the actives, Advanced Info increased 1.71 percent, while Thailand Airport advanced 3.33 percent, Asset World surged 5.00 percent, Banpu expanded 2.20 percent, Bangkok Bank spiked 2.43 percent, Bangkok Dusit Medical gained 1.93 percent, Bangkok Expressway improved 2.80 percent, B. Grimm skyrocketed 6.54 percent, BTS Group soared 5.29 percent, CP All Public climbed 2.67 percent, Charoen Pokphand Foods rose 0.44 percent, Energy Absolute rallied 3.57 percent, Gulf jumped 4.62 percent, Kasikornbank collected 0.95 percent, Krung Thai Bank accelerated 2.36 percent, Krung Thai Card strengthened 1.79 percent, PTT Oil & Retail surged 5.56 percent, PTT Exploration and Production gained 0.86 percent, PTT Global Chemical improved 1.40 percent, SCG Packaging soared 4.60 percent, Siam Commercial Bank added 0.82 percent, Siam Concrete climbed 1.30 percent, Thai Oil gathered 0.79 percent, True Corporation jumped 2.80 percent, TTB Bank perked 0.53 percent and PTT was unchanged.

The lead from Wall Street is strong as the major averages opened with modest gains on Wednesday but continued to climb as the day progressed, ending at session highs.

The Dow surged 507.85 points or 1.14 percent to finish at 45,010.29, while the NASDAQ jumped 127.33 points or 0.61 percent to close at a record 21,020.02 and the S&P 500 gained 49.29 points or 0.78 percent to end at 6,358.91, also a record.

The strength on Wall Street came after President Donald Trump announced trade deals with Japan and the Philippines.

The announcement of these trade deals spurred expectations of further trade agreements as the Aug. 1 deadline nears.

On the U.S. economic front, a report released by the National Association of Realtors showed existing home sales in the U.S. pulled back by more than expected in the month of June.

Crude oil prices dipped slightly on Wednesday as uncertainty persists in U.S. trade talks ahead of the deadline. West Texas Intermediate crude for September delivery eased $0.06 to $65.25 per barrel.

Closer to home, Thailand will provide June data for imports, exports and trade balance sometime this week. Imports are expected to climb 17.7 percent on year after rising 18.0 percent in May. Exports are called higher by an annual 18.9 percent, up from 18.4 percent in the previous month. The trade surplus is pegged at $0.900 billion, down from $1.120 billion a month earlier.