Thai Stock Market Poised To Add To Its Winnings

The Thai stock market bounced higher again on Tuesday, one session after snapping the two-day winning streak win which it had climbed almost 25 points or 1.4 percent. The Stock Exchange of Thailand now rests just beneath the 1,610-point plateau and it’s looking at another green light for Wednesday’s trade.

The global forecast for the Asian markets is upbeat on easing virus concerns, supported by tech and oil stocks. The European and U.S. markets were sharply higher and the Asian markets are tipped to open in similar fashion.

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

For the day, the index climbed 21.09 point or 1.33 percent to finish at 1,609.28 after trading between 1,595.14 and 1,611.58. Volume was 28.232 billion shares worth 74.927 billion baht. There were 1,026 gainers and 675 decliners, with 486 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.47 percent, while Thailand Airport spiked 3.80 percent, Bangkok Bank rallied 2.62 percent, Bangkok Dusit Medical rose 0.44 percent, Bangkok Expressway accelerated 2.40 percent, BTS Group jumped 2.75 percent, CP All Public perked 1.71 percent, Charoen Pokphand Foods improved 0.42 percent, Energy Absolute fell 0.30 percent, Gulf climbed 1.25 percent, IRPC advanced 1.04 percent, Kasikornbank collected 2.61 percent, Krung Thai Bank soared 5.17 percent, Krung Thai Card increased 1.38 percent, PTT Oil & Retail gained 1.00 percent, PTT gathered 2.04 percent, PTT Global Chemical added 1.30 percent, Siam Commercial Bank strengthened 1.63 percent, Siam Concrete rose 1.06 percent, True Corporation was up 0.44 percent, TTB Bank surged 2.48 percent and PTT Exploration and Production and SCG Packaging were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher on Tuesday and stayed that way throughout the session.

The Dow spiked 492.40 points or 1.40 percent to finish at 35,719.43, while the NASDAQ surged 461.76 points or 3.03 percent to close at 15,686.92 and the S&P 500 jumped 95.08 points or 2.07 percent to end at 4,686.75.

Easing concerns about the impact of the Omicron variant of the coronavirus contributed to the continued strength on Wall Street. Indications the variant causes milder symptoms has helped offset worries the new strain could derail the global economic recovery.

Intel (INTC) fueled the rally as the semiconductor giant is jumped 3.1 percent to its best closing level in well over a month. The spike by Intel comes after the company announced its intention to take its self-driving car unit Mobileye public in the U.S. in mid-2022 via an initial public offering.

In U.S. economic news, the Commerce Department released a report showing the U.S. trade deficit narrowed significantly in the month of October amid a spike in the value of exports.

Crude oil prices rose sharply on Tuesday, lifting the most active futures contracts to their highest settlement in two weeks amid rising optimism about the outlook for energy demand. West Texas Intermediate Crude oil futures for January surged $2.56 or 3.7 percent at $72.05 a barrel.