The Thai stock market has finished higher in four straight sessions, gathering more than 30 points or 1.9 percent along the way. The Stock Exchange of Thailand now rests just above the 1,665-point plateau and it’s expected to extend its gains on Thursday.
The global forecast for the Asian markets remains upbeat following brutal losses last week, with oil and technology stocks expected to lead the way higher. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SET finished modestly higher on Wednesday following mixed performances from the financial shares and the energy producers.
For the day, the index added 6.00 points or 0.36 percent to finish at 1,667.75 after trading between 1,658.58 and 1,669.50. Volume was 21.221 billion shares worth 61.327 billion baht. There were 870 decliners and 682 gainers, with 633 stocks finishing unchanged.
Among the actives, Advanced Info gained 0.90 percent, while Thailand Airport shed 0.39 percent, Banpu dropped 0.91 percent, Bangkok Dusit Medical advanced 0.89 percent, Bangkok Expressway added 0.60 percent, BTS Group climbed 1.08 percent, CP All Public rose 0.40 percent, Charoen Pokphand Foods tumbled 1.94 percent, Energy Absolute improved 0.82 percent, IRPC lost 0.52 percent, Krung Thai Card surged 4.53 percent, Land & Houses increased 0.52 percent, PTT Exploration and Production retreated 1.17 percent, SCG Packaging sank 0.80 percent, Siam Concrete eased 0.26 percent, True Corporation jumped 1.24 percent, TTB Bank rallied 2.21 percent and Asset World, Bangkok Bank, Gulf, Kasikornbank, Krung Thai Bank, PTT Oil & Retail, PTT, PTT Global Chemical and Siam Commercial Bank were unchanged.
The lead from Wall Street is positive as the major averages shook off some early weakness on Wednesday before moving firmly higher for the fourth straight session.
The Dow jumped 224.09 points or 0.63 percent to finish at 35,629.33, while the NASDAQ advanced 71.54 points or 0.50 percent to close at 14,417.55 and the S&P 500 spiked 42.84 points or 0.94 percent to end at 4,589.38.
The continued strength on Wall Street reflected a positive reaction to upbeat earnings from some big-name companies like Google parent Alphabet (GOOGL) and chipmaker Advanced Micro Devices (AMD).
Traders also reacted to a report from payroll processor ADP that showed an unexpectedly sharp pullback in U.S. private sector employment last month. On Friday, the Labor Department will release its more closely watched monthly jobs report, which includes both public and private sector jobs.
Crude oil futures inched higher Wednesday, supported by data showing a drop in U.S. crude stockpiles last week. However, the rise was just marginal as OPEC and its allies approved another 400,000 barrels per day in production that will begin in March. West Texas Intermediate Crude oil futures for March ended up by $0.06 or 0.1 percent at $88.26 a barrel.
Market Analysis
Thai Stock Market May Add To Its Winnings
2022-02-03 02:00:12
