The Thai stock market has moved higher in two of three trading days since the end of the two-day losing streak in which it had dropped more than 20 points or 1.3 percent. The Stock Exchange of Thailand now sits just beneath the 1,680-point plateau and it’s looking another day of volatile trade again on Monday.
The global forecast calls for volatility amidst the ongoing and very fluid Russian invasion of Ukraine, resulting sanctions and threats of nuclear deployment. The European and U.S. markets were sharply higher on Friday and the Asian bourses are tipped to at least open higher on Monday.
The SET finished sharply higher on Friday following gains from the financial shares and the energy producers.
For the day, the index climbed 17.18 points or 1.03 percent to finish at 1,679.90 after trading between 1,670.13 and 1,684.50. Volume was 27.644 billion shares worth 87.772 billion baht. There were 1,304 gainers and 599 decliners, with 508 stocks finishing unchanged.
Among the actives, Advanced Info rose 0.44 percent, while Thailand Airport gained 0.80 percent, Asset World climbed 1.23 percent, Banpu advanced 0.93 percent, Bangkok Bank collected 0.36 percent, Bangkok Dusit Medical shed 0.42 percent, Bangkok Expressway jumped 1.82 percent, B. Grimm Power surged 5.38 percent, BTS Group added 0.53 percent, Carabao skyrocketed 7.81 percent, CP All Public accelerated 3.04 percent, Charoen Pokphand Foods strengthened 1.98 percent, Energy Absolute increased 0.54 percent, Gulf gathered 0.50 percent, IRPC improved 1.61 percent, Kasikornbank was up 0.31 percent, PTT perked 0.65 percent, PTT Global Chemical jumped 1.38 percent, SCG Packaging skidded 1.21 percent, Siam Concrete was up 0.26 percent, True Corporation rallied 2.04 percent, TTB Bank gained 0.74 percent and Krung Thai Bank, PTT Oil & Retail, PTT Exploration and Production and Siam Commercial Bank were unchanged.
The lead from Wall Street is broadly positive as the major averages shook off a subdued open on Friday and accelerated as the day progressed, finishing near session highs.
The Dow surged 834.95 points or 2.51 percent to finish at 34,058.75, while the NASDAQ soared 221.02 points or 1.64 percent to end at 13,694.62 and the S&P 500 jumped 95.95 points or 2.24 percent to close at 4,384.65. For the week, the Dow eased 0.1 percent, the NASDAQ gained 1.1 percent and the S&P rose 0.8 percent.
The rally on Wall Street came as traders continued to pick up stocks at reduced levels following the sell-off in recent sessions on concerns about the Russian invasion of Ukraine.
The response over the weekend saw an increasing wave of sanctions against Russia, including disruptions to energy flows and financial access.
Crude oil futures settled lower Friday but posted a weekly gain as traders weighed the possibility of disruptions to global crude supplies due to the Russia-Ukraine conflict. West Texas Intermediate Crude oil futures for April ended down by $1.22 or about 1.3 percent at $91.59 a barrel.
Closer to home, Thailand is scheduled to release a batch of data later today including January numbers for industrial production, trade balance, current account, private consumption and coincident index.
Industrial output is expected to rise 4.6 percent on year, slowing from 6.83 percent in December. Imports are tipped to climb 22.15 percent on year, down from 33.4 percent in the previous month. Exports are called higher by an annual 19.6 percent, down from 24.2 percent a month earlier. The trade deficit is pegged at $0.3 billion following the $0.35 billion shortfall in December.
The current account deficit in December was $1.4 billion, while private consumption rose 2.3 percent on month and private investment gained 1.7 percent on month. The coincident index score in December was 129.2.
Market Analysis
Wild Ride Likely In Store For Thai Stock Market
2022-02-28 02:00:19
