Win Streak May Continue For Thai Stock Market

(RTTNews) - The Thai stock market has moved higher in three straight sessions, collecting almost 20 points or 1.2 percent along the way. The Stock Exchange of Thailand now rests just above the 1,640-point plateau and it's predicted to extend its gains again on Friday.

The global forecast for the Asian markets is mixed to higher, with support coming from technology, finance and oil stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished barely higher on Thursday as gains from the packaging and technology companies were offset by weakness from the financials and energy producers.

For the day, the index perked 0.08 points or 0.00 percent to finish at 1,640.00 after trading between 1,636.33 and 1,649.17. Volume was 21.334 billion shares worth 76.667 billion baht. There were 1,021 decliners and 656 gainers, with 576 stocks finishing unchanged.

Among the actives, Advanced Info fell 0.26 percent, while Thailand Airport slid 0.35 percent, Asset World retreated 1.74 percent, Banpu declined 1.41 percent, Bangkok Bank sank 0.75 percent, Bangkok Dusit Medical advanced 0.85 percent, Bangkok Expressway climbed 1.10 percent, B. Grimm surged 4.14 percent, BTS Group surrendered 1.70 percent, CP All Public strengthened 1.24 percent, Energy Absolute shed 0.58 percent, Global Power Synergy spiked 3,76 percent, Gulf dropped 0.89 percent, IRPC slumped 1.22 percent, Kasikornbank lost 0.68 percent, Krung Thai Bank dipped 0.60 percent, Krung Thai Card added 0.42 percent, PTT Oil & Retail improved 0.93 percent, PTT tanked 2.03 percent, PTT Exploration and Production plunged 3.03 percent, PTT Global Chemical increased 1.12 percent, SCG Packaging rallied 2.33 percent, Thai Oil plummeted 3.49 percent, True Corporation gained 0.85 percent and TTB Bank, Charoen Pokphand Foods, Siam Commercial Bank and Siam Concrete were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Thursday, using an afternoon rally to climb up into positive territory.

The Dow jumped 193.24 points or 0.61 percent to finish at 31,774.52, while the NASDAQ gained 70.23 points or 0.60 percent to end at 11,862.13 and the S&P 500 rose 26.31 points or 0.66 percent to close at 4,006.18.

The volatility on Wall Street came as traders digested comments from Federal Reserve Chair Jerome Powell, who reiterated the central bank's commitment to aggressively fighting inflation.

Powell's comments are seen as reinforcing expectations that the Fed will raise interest rates by another 75 basis points at its next meeting later this month.

In economic news, the Labor Department unexpectedly reported a modest decrease in initial jobless claims last week.

Crude oil futures settled higher Thursday following Russia's threat to halt oil and gas exports to some buyers. West Texas Intermediate Crude oil futures for October ended higher by $1.60 or 2 percent at $83.54 a barrel.