Thai Stock Market May Extend Wednesday’s Gains

The Thai stock market on Wednesday ended the two-day slide in which it had slipped almost a dozen points or 0.7 percent. The Stock Exchange of Thailand now rests just beneath the 1,630-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is cautiously optimistic, riding a spike in crude oil prices and some bargain hunting. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished slightly higher on Wednesday following mixed performances from the financial shares and the energy producers.

For the day, the index gained 4.20 points or 0.26 percent to finish at 1,628.04 after trading between 1,620.84 and 1,630.05. Volume was 30.065 billion shares worth 73.187 billion baht. There were 880 decliners and 684 gainers, with 614 stocks finishing unchanged.

Among the actives, Advanced Info climbed 1.32 percent, while Thailand Airport sank 0.80 percent, Bangkok Bank shed 0.44 percent, Bangkok Dusit Medical added 0.45 percent, Charoen Pokphand Foods dropped 0.94 percent, Gulf gained 0.62 percent, Kasikornbank lost 0.41 percent, Krung Thai Card gained 0.79 percent, PTT Global Chemical retreated 1.23 percent, Siam Concrete advanced 0.97 percent, TTB Bank collected 0.94 percent and Bangkok Expressway, BTS Group, Krung Thai Bank, PTT Oil & Retail, PTT, PTT Exploration and Production, SCG Packaging and Siam Commercial Bank all were unchanged.

The lead from Wall Street is positive as the major averages opened lower on Wednesday but quickly turned higher, continuing to pick up steam heading into the close.

The Dow spiked 236.82 points or 0.68 percent to finish at 34,814.39, while the NASDAQ jumped 123.77 points or 0.82 percent to end at 15,161.53 and the S&P 500 gained 37.65 points or 0.85 percent to close at 4,480.70.

The strength that emerged on Wall Street may partly have reflected bargain hunting following the downward trend seen over the past several sessions.

Traders were also digesting the latest batch of data, including a report from the Fed showing industrial production in the U.S. increased less than expected in August. Also, the Labor Department said U.S. import prices fell last month for the first time since October 2020.

Crude oil prices rose sharply Wednesday, lifting the most active crude futures contracts to a nearly seven-week closing high after data showed a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for October ended up by $2.15 or 3.1 percent at $72.61 a barrel, the highest settlement since July 30.