Thai Stock Market Tipped To Open In The Green

Ahead of Wednesday’s holiday for Wisakha Bucha Day, the Thai stock market had halted the four-day losing streak in which it had fallen almost 15 points or 1 percent. The Stock Exchange of Thailand now rests just beneath the 1,570-point plateau and it’s tipped to move to the upside again on Thursday.

The global forecast for the Asian markets is cautiously optimistic, supported by oil and technology stocks. The European markets were mixed and flat and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The SET finished sharply higher on Tuesday following gains from the financial shares and energy producers.

For the day, the index climbed 16.73 points or 1.08 percent to finish at 1,568.58 after trading between 1,560.13 and 1,572.03. Volume was 29.071 billion shares worth 88.951 billion baht. There were 914 gainers and 655 decliners, with 514 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.59 percent, while Thailand Airport added 0.41 percent, Asset World advanced 0.85 percent, Bangkok Asset Management lost 0.54 percent, Bangkok Dusit Medical gained 0.48 percent, BTS Group rose 0.58 percent, Charoen Pokphand Foods improved 0.93 percent, Gulf gathered 0.76 percent, Kasikornbank soared 4.64 percent, Krung Thai Card skyrocketed 7.10 percent, PTT Oil & Retail increased 0.84 percent, PTT perked 1.31 percent, PTT Exploration and Production jumped 1.28 percent, PTT Global Chemical tumbled 2.72 percent, SCG Packaging tanked 2.16 percent, Siam Commercial Bank surged 3.48 percent, Siam Concrete was up 0.46 percent, TTB Bank collected 0.89 percent and Bangkok Bank, Bangkok Expressway and Krung Thai Bank were unchanged.

The lead from Wall Street offers mild support as the major averages shook off a sluggish start on Wednesday and managed to finish in the green.

The Dow rose 10.59 points or 0.03 percent to finish at 34,323.05, while the NASDAQ climbed 80.82 points or 0.59 percent to close at 13,738.00 and the S&P 500 added 7.86 points or 0.19 percent to end at 4,195.99.

The modest strength on Wall Street reflected continued economic optimism as the country continues to reopen following the coronavirus pandemic as an increasing number of Americans receive a coronavirus vaccine.

But buying interest remained subdued as traders look ahead to Friday’s closely watched inflation reading, which could directly affect the current levels of stimulus.

Crude oil futures settled higher on Wednesday, rising for a fourth straight session as data showed a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for July ended up $0.14 or 0.2 percent at $66.21 a barrel.