Win Streak May Continue For Thai Stock Market

(RTTNews) - The Thai stock market has moved higher in back-to-back sessions, advancing more than 25 points or 2 percent along the way. The Stock Exchange of Thailand now sits just above the 1,355-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is upbeat on optimism over earnings season. 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, industrial, resource, service and technology sectors.

For the day, the index gained 7.94 points or 0.59 percent to finish at 1,357.46 after trading between 1,353.50 and 1,362.53. Volume was 15.606 billion shares worth 46.656 billion baht. There were 363 gainers and 107 decliners, with 182 stocks finishing unchanged.

Among the actives, Advanced Info added 0.51 percent, while Asset World dropped 0.90 percent, Banpu spiked 1.85 percent, Bangkok Bank tanked 2.82 percent, Bangkok Dusit Medical sank 0.88 percent, Bangkok Expressway was up 1.23 percent, B. Grimm climbed 0.98 percent, BTS Group soared 3.33 percent, CP All Public accelerated 2.25 percent, Gulf increased 0.61 percent, Kasikornbank advanced 0.81 percent, Krung Thai Bank plunged 2.41 percent, PTT Oil & Retail rose 0.56 percent, PTT perked 0.74 percent, PTT Exploration and Production improved 0.63 percent, PTT Global Chemical strengthened 1.32 percent, SCG Packaging surged 3.91 percent, Siam Commercial Bank collected 0.48 percent, Siam Concrete rallied 1.63 percent, Thai Oil gathered 0.44 percent, True Corporation gained 0.65 percent, TTB Bank jumped 1.69 percent and Charoen Pokphand Foods, Krung Thai Card, Energy Absolute and Thailand Airport were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday and remained well in the green throughout the trading day.

The Dow jumped 263.71 points or 0.69 percent to finish at 38,503.69, while the NASDAQ spiked 245.33 points or 1.59 percent to end at 15,696.64 and the S&P 500 rallied 59.95 points or 1.20 percent to close at 5,070.55.

Quarterly earnings guided the markets, with Globe Life, GE Aerospace, Kimberly-Clark and General Motors advancing on strong results.

In economic news, the Commerce Department reported that new home sales jumped more than expected in March, although building permits slumped.

Traders await more economic data this week, including the release of first-quarter U.S. GDP data as well as the core personal-consumption expenditures (PCE) price index, which is the Fed's preferred measure of inflation.

Oil prices moved higher on Tuesday after data showed a slowdown in U.S. manufacturing activity in April, raising hopes the Federal Reserve will start cutting interest rates soon. West Texas Intermediate crude oil futures for June rose $1.46 or 1.78 percent at $83.36 a barrel.