Thai Stock Market Predicted To Open In The Green

(RTTNews) - The Thai stock market has moved higher in two of three trading days since the end of the two-day slide in which it had slumped almost 10 points or 0.6 percent. The Stock Exchange of Thailand now sits just above the 1,545-point plateau and it's likely extend its gains on Friday.

The global forecast for the Asian markets is positive thanks to encouraging economic data. The European and U.S. markets were firmly higher and the Asian markets are expected to follow that lead.

The SET finished modestly higher on Thursday following gains from the food, finance, resource and technology stocks.

For the day, the index added 9.83 points or 0.64 percent to finish at 1,545.14 after trading between 1,532.48 and 1,547.71. Volume was 10.779 billion shares worth 40.574 billion baht. There were 323 gainers and 135 decliners, with 182 stocks finishing unchanged.

Among the actives, Advanced Info gathered 0.91 percent, Thailand Airport perked 0.35 percent, Asset World advanced 0.98 percent, Banpu sank 0.63 percent, Bangkok Bank collected 0.60 percent, BTS Group sank 0.69 percent, Charoen Pokphand Foods spiked 2.34 percent, Energy Absolute lost 0.43 percent, Gulf rose 0.54 percent, Kasikornbank jumped 1.95 percent, Krung Thai Bank climbed 1.05 percent, PTT Oil & Retail strengthened 1.03 percent, PTT Global Chemical gained 0.71 percent, Siam Commercial Bank added 0.44 percent, Siam Concrete increased 0.65 percent, Thai Oil soared 3.14 percent, True Corporation surged 2.84 percent, TTB Bank improved 1.17 percent and SCG Packaging, B. Grimm, PTT, PTT Exploration and Production, CP All Public, Bangkok Dusit Medical and Bangkok Expressway were unchanged.

The lead from Wall Street is upbeat as the major averages opened solidly higher on Thursday and remained in the green throughout the trading day.

The Dow surged 331.58 points or 0.96 percent to finish at 34,907.11, while the NASDAQ spiked 112.47 points or 0.81 percent to end at 13,926.05 and the S&P 500 improved 37.66 points or 0.84 percent to close at 4,505.10.

The strength on Wall Street partly reflected a positive reaction to a slew of U.S. economic data, including a Commerce Department report showing retail sales in the U.S. increased by much more than expected in the month of August.

Also, the Labor Department said producer prices in the U.S. increased by more than expected in month of August. However, the data does not raise concerns about inflation, as the increase in prices was largely due to a spike in energy prices.

Oil prices rose sharply on Thursday as concerns over the outlook for crude supplies outweighed worries about energy demand. West Texas Intermediate Crude oil futures for October ended higher by $1.64 or 1.9 percent at $90.16 a barrel, the highest settlement in almost 10 months.