Thai Stock Market Tipped To Extend Winning Streak

The Thai stock market has finished higher in seven straight sessions, collecting almost 50 points or 3.2 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,570-point plateau and it’s got a positive lead again for Wednesday’s trade.

The global forecast for the Asian markets is upbeat thanks to an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The SET finished modestly higher again on Tuesday as gains from the food, service and finance stocks were capped by weakness from the industrials and energy producers.

For the day, the index picked up 5.84 points or 0.37 percent to finish at 1,568.81 after trading between 1,563.15 and 1,573.19. Volume was 12.702 billion shares worth 55.510 billion baht. There were 269 gainers and 214 decliners, with 165 stocks finishing unchanged.

Among the actives, Advanced Info plunged 2.28 percent, while Thailand Airport jumped 1.74 percent, Asset World skyrocketed 5.29 percent, Banpu plummeted 2.76 percent, Bangkok Bank collected 0.59 percent, Bangkok Dusit Medical advanced 0.90 percent, Bangkok Expressway increased 0.57 percent, B. Grimm tanked 2.70 percent, BTS Group gathered 0.68 percent, CP All Public improved 0.77 percent, Charoen Pokphand Foods added 0.48 percent, Energy Absolute slid 0.39 percent, Gulf skidded 1.01 percent, Kasikornbank fell 0.38 percent, PTT Oil & Retail slumped 0.48 percent, PTT Global Chemical retreated 1.32 percent, SCG Packaging sank 0.65 percent, Siam Commercial Bank shed 0.43 percent, Siam Concrete rose 0.32 percent, True Corporation dropped 0.72 percent, TTB Bank lost 0.56 percent and Krung Thai Bank, Krung Thai Card, PTT, PTT Exploration and Production and Thai Oil were unchanged.

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

The Dow jumped 292.69 points or 0.85 percent to finish at 34,852.67, while the NASDAQ surged 238.63 points or 1.74 percent to end at 13,943.76 and the S&P 500 rallied 64.32 points or 1.45 percent to close at 4.497.63.

The strength on Wall Street came as the latest batch of U.S. economic data helped ease recent concerns about the outlook for interest rates.

Consumer confidence in the U.S. deteriorated more than anticipated in August, according to a report released by the Conference Board. Also, the Labor Department said job openings in the U.S. decreased to 8.8 million on the last business day of July.

Oil prices climbed higher on Tuesday with traders weighing the likely impact of the Hurricane Idalia on energy operations in the Gulf of Mexico, while a weak dollar also contributed to the uptick. West Texas Intermediate Crude oil futures for October climbed $1.06 or 1.3 percent at $81.16 a barrel.