The Thai stock market has moved higher in back-to-back trading days, advancing more than 35 points or 2.2 percent along the way. The Stock Exchange of Thailand now sits just shy of the 1,620-point plateau although it may see some profit taking on Wednesday.
The global forecast for the Asian markets roughly flat, with optimism for economic recovery offset by inflation concerns. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to follow the latter lead.
The SET finished sharply higher on Tuesday with gains across the board – especially from the financials and energy producers.
For the day, the index jumped 25.00 points or 1.57 percent to finish at 1,618.58 after trading between 1,598.66 and 1,620.53. Volume was 37.158 billion shares worth 116.037 billion baht. There were 1,131 gainers and 598 decliners, with 390 stocks finishing unchanged.
Among the actives, Advanced Info added 0.59 percent, while Thailand Airport accelerated 2.78 percent, Asset World rallied 2.93 percent, Bangkok Asset Management climbed 1.06 percent, Bangkok Bank jumped 1.74 percent, Bangkok Expressway gathered 1.22 percent, BTS Group soared 3.28 percent, Gulf gained 0.74 percent, Kasikornbank improved 2.94 percent, Krung Thai Bank collected 1.83 percent, Krung Thai Card rallied 2.05 percent, PTT Oil & Retail skyrocketed 6.67 percent, PTT surged 5.06 percent, PTT Exploration and Production advanced 0.84 percent, PTT Global Chemical rose 0.79 percent, SCG Packaging perked 0.91 percent, Siam Commercial Bank increased 1.95 percent, Siam Concrete strengthened 0.91 percent, TTB Bank was up 2.68 percent and Bangkok Dusit Medical and Charoen Pokphand Foods were unchanged.
The lead from Wall Street offers little guidance as stocks opened higher on Tuesday but quickly faded, bouncing back and forth across the unchanged line before finishing mixed and little changed.
The Dow added 45.86 points or 0.13 percent to finish at 34,575.31, while the NASDAQ fell 12.26 points or 0.09 percent to end at 13,736.48 and the S&) 500 eased 2.07 points or 0.05 percent to close at 4,202.04.
The initial strength on Wall Street came as upbeat manufacturing data from overseas added to optimism about the outlook for the global economy. Also, the Institute for Supply Management said manufacturing activity in the U.S. expanded at a slightly faster pace in May.
Buying interest waned shortly after the start of trading, however, as traders continued to express uncertainty about inflation and the outlook for monetary policy.
Traders may also have been reluctant to make significant moves ahead of the release of the Labor Department’s closely watched monthly jobs report on Friday.
Crude oil prices rose sharply on Tuesday amid optimism for a strong global economic recovery and increased demand following a drop in fresh coronavirus cases and an acceleration in the vaccination drive. West Texas Intermediate Crude oil futures for July jumped $1.40 or 2.1 percent at $67.72 a barrel, the highest since October 2018.
Market Analysis
Lower Open Predicted For Thai Stock Market
2021-06-02 02:30:15
