Win Streak May Continue For Thai Stock Market

(RTTNews) - The Thai stock market has moved higher in consecutive trading days, gathering more than 20 points or 1.3 percent along the way. The Stock Exchange of Thailand now rests just above the 1,560-point plateau and it figures to see additional support again on Friday.

The global forecast for the Asian markets is upbeat, with support expected from the oil and technology sectors. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.

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

For the day, the index climbed 20.58 points or 1.33 percent to finish at 1,562.37 after trading between 1,542.75 and 1,563.65. Volume was 19.083 billion shares worth 65.952 billion baht. There were 1,203 gainers and 566 decliners, with 396 stocks finishing unchanged.

Among the actives, Advanced Info improved 0.99 percent, while Thailand Airport climbed 1.06 percent, Asset World strengthened 1.26 percent, Banpu jumped 1.64 percent, Bangkok Bank skidded 1.144 percent, Bangkok Dusit Medical advanced 0.94 percent, Bangkok Expressway declined 1.16 percent, B. Grimm gained 0.68 percent, BTS Group gathered 1.18 percent, CP All Public soared 3.23 percent, Charoen Pokphand Foods rallied 1.89 percent, Energy Absolute increased 1.29 percent, Gulf added 1.07 percent, IRPC accelerated 2.55 percent, Kasikornbank slumped 1.02 percent, Krung Thai Bank plunged 3.92 percent, Krung Thai Card spiked 1.83 percent, PTT Oil & Retail rose 0.98 percent, PTT surged 2.21 percent, PTT Exploration and Production perked 0.64 percent, PTT Global Chemical picked up 1.13 percent, SCG Packaging tumbled 1.83 percent, Siam Commercial Bank dropped 1.00 percent, Siam Concrete was up 0.53 percent, Thai Oil fell 0.49 percent, True Corporation skyrocketed 2.62 percent and TTB Bank collected 0.86 percent.

The lead from Wall Street is broadly positive as the major averages opened solidly higher on Thursday and stayed that way throughout the session.

The Dow spiked 346.87 points or 1.12 percent to finish at 31,384.55, while the NASDAQ surged 259.49 points or 2.28 percent to end at 11,621.35 and the S&P 500 jumped 57.54 points or 1.50 percent to close at 3,902.62.

The higher open on Wall Street came as traders continued to digest the minutes from the Federal Reserve's June meeting, which all but assured another significant rate hike in the Fed's bid to bring down inflation.

In economic news, the Commerce Department said the U.S. trade deficit narrowed less than expected in May, while the Labor Department reported that initial jobless claims rose more than expected.

The closely watched non-farm payroll report for June is due out from the Labor Department later today.

Crude oil futures settled higher on Thursday, regaining ground after two days of losses. Data showing a decline in gasoline supply last week, and the dollar's weakness supported oil prices. West Texas Intermediate Crude oil futures for August ended higher by $4.20 or 4.3 percent at $102.73 a barrel.