Win Streak May Continue For Thai Stock Market

The Thai stock market has finished higher in back-to-back sessions, gathering almost 10 points or 0.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,605-point plateau and it’s expected to add to its winnings on Monday.

The global forecast for the Asian markets is upbeat, fueled by solid earnings news among technology shares. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets are also tipped to open in the green.

The SET finished slightly higher on Friday following mixed performances from the financial shares and the energy producers.

For the day, the index rose 3.74 points or 0.23 percent to finish at 1,606.07 after trading between 1,598.18 and 1,607.75. Volume was 20.327 billion shares worth 55.161 billion baht. There were 1,165 decliners and 445 gainers, with 607 stocks finishing unchanged.

Among the actives, Advanced Info added 0.53 percent, while Thailand Airport dipped 0.34 percent, Asset World sank 0.83 percent, Banpu retreated 1.60 percent, Bangkok Dusit Medical advanced 0.85 percent, B. Grimm gained 0.74 percent, Charoen Pokphand Foods climbed 0.99 percent, Gulf shed 0.49 percent, Kasikornbank fell 0.35 percent, PTT Oil & Retail rose 0.41 percent, PTT strengthened 1.41 percent, PTT Exploration and Production spiked 2.56 percent, SCG Packaging dropped 0.95 percent, TTB Bank slumped 0.74 percent and Bangkok Bank, Bangkok Expressway, BTS Group, CP All Public, Energy Absolute, IRPC, Krung Thai Bank, Krung Thai Card, PTT Global Chemical, Siam Commercial Bank, Siam Concrete, Thai Oil and True Corporation were unchanged.

The lead from Wall Street is broadly positive as the major averages opened slightly higher on Friday but accelerated throughout the day, ending near session highs.

The Dow surged 828.50 points or 2.59 percent to finish at 32,861.80, while the NASDAQ soared 309.75 points or 2.87 percent to end at 11,102.45 and the S&P 500 jumped 93.76 points or 2.46 percent to close at 3,901.06.

For the week, the Dow spiked 5.7 percent, the S&P 500 jumped 4.0 percent and the NASDAQ rallied 2.2 percent.

Traders reacted positively to strong earnings news from the likes of semiconductor giant Intel (INTC), Apple (AAPL) and energy giant Exxon Mobil (XOM).

Buying interest may also have been generated by a Commerce Department report showing core consumer price growth accelerated less than expected in September – which may encourage the Federal Reserve to slow the pace of its interest rate hikes.

Oil prices drifted lower on Friday as worries about the outlook for energy demand resurfaced due to increased Covid-19 restrictions in parts of China. West Texas Intermediate Crude oil futures for December slumped $1.18 or 1.3 percent at $87.90 a barrel. WTI crude futures gained more than 3 percent in the week.

Closer to home, Thailand will release September numbers for current account, industrial production, private consumption and its coincident index. In August, the current account deficit was $3.5 billion, while industrial production jumped 14.52 percent on year, consumption was flat on month and investment rose 1.9 percent on month. The coincident index score was 129.41.