The Thai stock market has moved higher in back-to-back trading days, advancing almost 30 points or 1.9 percent along the way. The Stock Exchange of Thailand now sits just above the 1,635-point plateau and it’s tipped to extend its gains again on Tuesday.
The global forecast for the Asian markets is broadly positive, with support expected from the financial, oil and telecom stocks. The European and U.S. markets were sharply higher and the Asian bourses figure to open in similar fashion.
The SET finished modestly higher on Monday following gains from the financial shares and energy producers.
For the day, the index gained 12.33 points or 0.76 percent to finish at 1,635.28 after trading between 1,623.60 and 1,635.35. Volume was 20.390 billion shares worth 58.704 billion baht. There were 825 decliners and 806 gainers, with 631 stocks finishing unchanged.
Among the actives, Advanced Info improved 0.92 percent, while Thailand Airport gained 0.72 percent, Bangkok Bank strengthened 1.58 percent, Bangkok Expressway rallied 2.84 percent, B. Grimm rose 0.76 percent, BTS Group tumbled 2.78 percent, CP All Public advanced 0.77 percent, Charoen Pokphand Foods was up 1.00 percent, Energy Absolute accelerated 2.04 percent, Gulf soared 1.61 percent, IRPC climbed 1.83 percent, Kasikornbank collected 0.69 percent, Krung Thai Card gathered 0.84 percent, PTT Oil & Retail perked 0.94 percent, PTT jumped 2.04 percent, PTT Exploration and Production was up 0.32 percent, PTT Global Chemical surged 2.15 percent, SCG Packaging picked up 0.45 percent, Siam Commercial Bank spiked 3.14 percent, TTB Bank increased 0.81 percent and Bangkok Dusit Medical, Krung Thai Bank and Banpu were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Monday and largely accelerated as the day progressed, ending solidly in the green.
The Dow surged 618.34 points or 1.98 percent to finish at 31,880.24, while the NASDAQ soared 180.66 points or 1.59 percent to end at 11,535.27 and the S&P 500 jumped 72.39 points or 1.86 percent to close at 3,973.75.
The strength on Wall Street came as traders continued to pick up stocks at reduced levels, extending the recovery seen late in the trading session last Friday.
Buying interest was also generated in reaction to news the financial hub of Shanghai has lifted some of its COVID-19 restrictions and U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods.
Crude oil futures pared early gains and settled flat on Monday. Oil prices climbed higher earlier in the day amid hopes of increased demand from China, while a weaker dollar also offered support. But prices came off higher levels as the day progressed and eventually settled little changed.
West Texas Intermediate crude oil futures for July ended at $110.29 a barrel, up a penny from Friday’s close of $110.28 a barrel. The contract rose to a high of $111.96 earlier in the day.
Market Analysis
Win Streak May Continue For Thai Stock Market
2022-05-24 02:32:26
