The Thai stock market has tracked higher in consecutive trading days, gathering more than 35 points or 2.2 percent along the way. The Stock Exchange of Thailand now sits just above the 1,680-point plateau and it’s expected to see additional support on Friday.
The global forecast for the Asian markets is upbeat amidst upward momentum after brutal selling earlier in the week. 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 on Thursday following gains from the financial shares and energy producers.
For the day, the index added 13.84 points or 0.83 percent to finish at 1,681.76 after trading between 1,677.19 and 1,686.45. Volume was 32.972 billion shares worth 97.760 billion baht. There were 1,123 gainers and 682 decliners, with 637 stocks finishing unchanged.
Among the actives, Advanced Info shed 0.43 percent, while Thailand Airport strengthened 1.56 percent, Asset World added 0.40 percent, Bangkok Bank collected 0.37 percent, Bangkok Expressway climbed 1.14 percent, Charoen Pokphand Foods gained 0.82 percent, Energy Absolute surged 4.39 percent, Gulf rallied 2.05 percent, Kasikornbank rose 0.31 percent, Krung Thai Bank improved 0.73 percent, PTT Oil & Retail advanced 0.99 percent, PTT perked 0.64 percent, PTT Exploration and Production tumbled 2.38 percent, PTT Global Chemical increased 0.50 percent, SCG Packaging was up 0.43 percent, Siam Concrete gathered 0.26 percent, True Corporation added 0.41 percent and TTB Bank, Banpu, Bangkok Dusit Medical, BTS Group, CP All Public, IRPC, Krung Thai Card and Siam Commercial Bank all were unchanged.
The lead from Wall Street ends up solidly positive as the major averages shook off early directionless trade, accelerating in the afternoon to finish near daily highs.
The Dow surged 417.66 points or 1.23 percent to finish at 34,480.76, while the NASDAQ soared 178.23 points or 1.33 percent to end at 13,614.78 and the S&P 500 climbed 53.81 points or 1.23 percent to close at 4,411.67.
The strength that emerged on Wall Street reflects recent upward momentum, with the major averages extending the rally seen over the two previous sessions. The rebound has helped lift stocks well off their recent lows but also well shy of record highs.
The markets also continued to digest the Federal Reserve’s decision to raise interest rates for the first time since December 2018 on Wednesday. The Fed raised rates by 25 basis points to 0.25 to 0.5 percent and signaled several more rate hikes are likely over the coming months.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell more than expected last week. Also, the Commerce Department said housing starts rebounded than expected in February.
Crude oil prices climbed higher Thursday after the International Energy Agency warned of a possible supply loss from Russia in the coming weeks due to the sanctions imposed on the country. West Texas Intermediate Crude oil futures for April ended higher by $7.94 or 8.4 percent at $102.98 a barrel.
Market Analysis
Thai Stock Market Has A Green Light For Friday’s Trade
2022-03-18 02:30:08
