Win Streak May Continue For Thai Stock Market

(RTTNews) - The Thai stock market has moved higher in two straight sessions, collecting more than a dozen points or 0.7 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,545-point plateau and it's expected to open in the green again on Friday.

The global forecast for the Asian markets is mixed to higher, with gains from the technology and property stocks likely capped by weakness from the energy companies. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished modestly higher on Thursday following gains from the financial shares and a mixed picture from the energy producers.

For the day, the index rose 6.99 points or 0.45 percent to finish at 1,546.31 after trading between 1,535.51 and 1,547.83. Volume was 18.704 billion shares worth 56.072 billion baht.

Among the actives, Thailand Airport sank 0.71 percent, while Asset World rose 0.41 percent, Bangkok Bank rallied 2.76 percent, Bangkok Dusit Medical advanced 0.94 percent, Bangkok Expressway shed 0.58 percent, BTS Group added 0.58 percent, CP All Public gathered 0.83 percent, Charoen Pokphand Foods dropped 0.99 percent, Energy Absolute improved 0.95 percent, IRPC lost 0.62 percent, Kasikornbank collected 0.72 percent, Krung Thai Bank spiked 2.04 percent, Krung Thai Card strengthened 1.40 percent, PTT Oil & Retail skidded 0.98 percent, PTT Exploration and Production retreated 1.25 percent, PTT Global Chemical increased 0.56 percent, Siam Commercial Bank surged 3.58 percent, Siam Concrete gained 0.54 percent, True Corporation fell 0.41 percent, TTB Bank soared 3.51 percent and Advanced Info, Banpu, B. Grimm, Gulf, PTT, SCG Packaging and Thai Oil were unchanged.

The lead from Wall Street is upbeat as the major averages shook off early weakness on Thursday, moving solidly into the green as the day progressed.

The Dow jumped 162.06 points or 0.51 percent to finish at 32,036.90, while the NASDAQ spiked 161.96 points or 1.36 percent to end at 12,059.61 and the S&P 500 gained 39.05 points or 0.99 percent to close at 3,998.95.

The volatility on Wall Street came as traders expressed uncertainty about the outlook for the markets following the recent upward move. The NASDAQ benefitted from a significant advance by shares of Tesla (TSLA), which reported second quarter earnings that beat expectations.

The latest U.S. economic data may have also helped ease concerns about the outlook for interest rates, with the Labor Department noting that initial jobless claims unexpectedly rose to an eight-month high last week.

A separate report released by the Federal Reserve Bank of Philadelphia showed regional manufacturing activity unexpectedly contracted at a faster rate in July. The Conference Board also released a report showing its index of leading economic indicators decreased for the fourth straight month in June.

Crude oil prices tumbled on Thursday, extending losses from the previous session amid concerns about the outlook for energy demand in the near term due to slowing economic growth and rising interest rates. West Texas Intermediate Crude oil futures for September ended lower by $3.53 or 3.5 percent at $96.35 a barrel.

Closer to home, Thailand will provide June data for imports, exports and trade balance later today. Imports are expected to jump 20.6 percent on year, slowing from 24.1 percent in May. Exports are called higher by an annual 8.5 percent, down from 10.5 percent in the previous month. The trade deficit if pegged at $1.53 billion following the $1.87 billion shortfall a month earlier.