Higher Open Anticipated For Thai Stock Market

The Thai stock market bounced higher again on Monday, one session after ending the three-day winning streak in which it had gathered almost 8 points or 0.5 percent. The Stock Exchange of Thailand now sits just beneath the 1,685-point plateau and it’s predicted to open in the green again on Tuesday.

The global forecast for the Asian markets is cautiously optimistic, with technology stocks expected to lead the way higher. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

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

For the day, the index gained 7.50 points or 0.45 percent to finish at 1,684.30 after trading between 1,676.75 and 1,687.20. Volume was 21.908 billion shares worth 57.231 billion baht. There were 851 gainers and 803 decliners, with 666 stocks finishing unchanged.

Among the actives, Advanced Info improved 0.43 percent, while Thailand Airport gained 0.77 percent, Asset World rose 0.40 percent, Banpu advanced 0.88 percent, Bangkok Bank collected 0.37 percent, Bangkok Expressway climbed 1.18 percent, CP All Public fell 0.39 percent, Energy Absolute rallied 2.14 percent, IRPC strengthened 1.12 percent, Kasikornbank lost 0.32 percent, Krung Thai Bank increased 0.74 percent, Krung Thai Card accelerated 2.07 percent, PTT Oil & Retail gathered 1.00 percent, PTT Exploration and Production shed 0.33 percent, PTT Global Chemical perked 0.49 percent, SCG Packaging was up 0.44 percent, Siam Commercial Bank sank 0.44 percent, Siam Concrete eased 0.26 percent, True Corporation dropped 0.99 percent and TTB Bank, Bangkok Dusit Medical, BTS Group, Charoen Pokphand Foods, Gulf and PTT were unchanged.

The lead from Wall Street is positive as the major averages shook off early sluggishness and picked up steam later in the day, ending near session highs.

The Dow advanced 94.65 points or 0.27 percent to finish at 34,955.89, while the NASDAQ surged 185.60 points or 1.31 percent to close at 14,354.90 and the S&P 500 gained 32.46 points or 0.71 percent to end at 4,575.52.

The late rally on Wall Street was fueled largely by technology stocks, despite the rising prospects of aggressive monetary tightening by the Federal Reserve to rein in inflation.

In geopolitical news, Russia and Ukraine are set to resume diplomatic talks later today in Turkey. Russia has reportedly signaled that it may scale down its war and aims to concentrate on eastern Ukraine.

Crude oil prices fell on Monday amid concerns about outlook for energy demand from the world’s largest oil importer after Shanghai announced fresh lockdowns to curb the spread of Covid-19 infections in the country. West Texas Intermediate Crude oil futures for May ended down by $7.94 or 7 percent at $105.96 a barrel.