The Thai stock market has climbed higher in eight straight sessions, gathering more than 45 points or 3 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,685-point plateau and it’s got another strong lead for Wednesday’s trade.
The global forecast for the Asian markets is positive on continued bargain hunting and optimism over earnings news. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The SET finished modestly higher again on Tuesday following gains from the financial shares and the energy producers.
For the day, the index added 6.99 points or 0.42 percent to finish at 1,684.23 after trading between 1,677.48 and 1,685.14. Volume was 26.722 billion shares worth 84.621 billion baht. There were 1,049 decliners and 731 gainers, with 510 stocks finishing unchanged.
Among the actives, Advanced Info climbed 1.37 percent, while Thailand Airport sank 0.78 percent, Asset World accelerated 3.31 percent, Banpu soared 3.67 percent, Bangkok Bank collected 0.71 percent, Bangkok Dusit Medical dropped 0.88 percent, Bangkok Expressway advanced 1.18 percent, BTS Group skidded 1.06 percent, CP All Public fell 0.40 percent, Charoen Pokphand Foods retreated 0.98 percent, IRPC declined 1.02 percent, Kasikornbank jumped 1.64 percent, Krung Thai Card strengthened 1.52 percent, PTT Oil & Retail spiked 3.06 percent, PTT perked 0.62 percent, PTT Exploration and Production rallied 2.29 percent, PTT Global Chemical lost 0.43 percent, SCG Packaging increased 0.41 percent, Siam Commercial Bank gathered 2.36 percent, Siam Concrete gained 1.31 percent, True Corporation was up 1.25 percent and TTB Bank, Energy Absolute, Gulf and Krung Thai Bank were unchanged.
The lead from Wall Street is solid as the major averages shook off early weakness on Tuesday and picked up steam as the session progressed, ending firmly in positive territory.
The Dow spiked 371.65 points or 1.06 percent to finish at 35,462.78, while the NASDAQ jumped 178.79 points or 1.28 percent to end at 14,194.79 and the S&P 500 gained 37.67 points or 0.84 percent to close at 4,521.54.
The strength that emerged on Wall Street came as traders continued to pick up stocks at relatively reduced levels as they digest the latest batch of quarterly earnings news.
Motorcycle maker Harley Davidson (HOG) and education technology company Chegg (CHGG) led the way higher, while drug giant Pfizer fell under pressure.
In economic news, the Commerce Department released a report showing the U.S. trade deficit widened modestly in December.
Crude oil prices settled sharply lower Tuesday, extending losses from the previous session. Oil prices dropped with traders eyeing U.S.-Iran talks, which if successful could flood the market. West Texas Intermediate Crude oil futures for March dropped $1.96 or about 2.2 percent at $89.36 a barrel.
Market Analysis
Thai Stock Market Tipped To Open In The Green
2022-02-09 02:31:09
