Thai Stock Market May See Additional Support On Wednesday

The Thai stock market on Tuesday snapped the three-day losing streak in which it had stumbled almost 40 points or 2.4 percent. The Stock Exchange of Thailand now sits just beneath the 1,615-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is upbeat on easing concerns over interest rates and an economic slowdown. The European and U.S. markets were sharply higher and the Asian bourses are tipped to open in similar fashion.

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

For the day, the index jumped 30.11 points or 1.90 percent to finish at 1,614.49 after trading between 1,590.96 and 1,615.48. Volume was 23.117 billion shares worth 85.222 billion baht. There were 1,424 gainers and 577 decliners, with 295 stocks finishing unchanged.

Among the actives, Thailand Airport gained 0.75 percent, while Banpu rallied 2.59 percent, Bangkok Bank rose 0.40 percent, Bangkok Dusit Medical dropped 0.93 percent, Bangkok Expressway was up 3.68 percent, B. Grimm jumped 2.33 percent, BTS Group climbed 3.45 percent, CP All Public increased 1.19 percent, Charoen Pokphand Foods surged 4.25 percent, Energy Absolute strengthened 4.91 percent, Gulf gathered 2.19 percent, IRPC advanced 4.52 percent, JMT Network Services skyrocketed 11.76 percent, Kasikornbank climbed 1.76 percent, Krung Thai Bank shed 0.69 percent, Krung Thai Card accelerated 2.16 percent, PTT Oil & Retail tumbled 1.89 percent, PTT perked 2.07 percent, PTT Exploration and Production soared 3.96 percent, PTT Global Chemical spiked 5.00 percent, Siam Commercial Bank collected 0.47 percent and TTB Bank improved 0.81 percent.

The lead from Wall Street is broadly positive as the major averages opened higher and remained that way throughout the session, ending firmly in the green.

The Dow soared 431.17 points or 1.34 percent to finish at 32,654.59, while the NASDAQ spiked 321.52 points or 2.76 percent to end at 11,984.52 and the S&P 500 rallied 80.84 points or 2.02 percent to close at 4,088.85.

The markets rallied on comments from Fed Chair Jerome Powell, who said he is confident that the central bank can raise rates and deal with inflation without sending the economy into recession.

Strong retail sales and industrial production data added to the positive sentiment.

Crude oil prices pared early gains and settled lower Tuesday, reacting to reports that the Biden administration is set to ease some of the sanctions imposed on Venezuela. West Texas Intermediate Crude oil futures for June ended lower by $1.80 or 1.6 percent at $112.40 a barrel.