Thai Stock Market May Extend Winning Streak

(RTTNews) - The Thai stock market has moved higher in back-to-back sessions, collecting almost 20 points or 1.8 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,155-point plateau and it's expected to extend its gains on Thursday.

The global forecast for the Asian markets is broadly positive on easing concerns over the U.S. Federal Reserve's independence. The European and U.S. markets were firmly higher and the Asian markets are tipped to follow that lead.

The SET finished modestly higher on Wednesday as gains from the food, finance, resources and technology stocks were capped by weakness from the industrial and service sectors.

For the day, the index gained 9.72 points or 0.85 percent to finish at 1,153.77 after trading between 1,147.65 and 1,160.01. Volume was 8.271 billion shares worth 38.239 billion baht. There were 275 gainers and 197 decliners, with 179 stocks finishing unchanged.

Among the actives, Advanced Info improved 0.71 percent, while Thailand Airport accelerated 2.00 percent, Asset World dropped 0.90 percent, Bangkok Bank plummeted 4.23 percent, Bangkok Expressway and Bangkok Dusit Medical both retreated 1.68 percent, B. Grimm tumbled 1.79 percent, CP All Public slumped 0.99 percent, Charoen Pokphand Foods rallied 2.41 percent, Energy Absolute stumbled 2.75 percent, Kasikornbank jumped 1.68 percent, Krung Thai Bank soared 3.48 percent, Krung Thai Card skidded 1.08 percent, PTT Oil & Retail gained 0.76 percent, PTT Exploration and Production spiked 1.99 percent, PTT Global Chemical shed 0.55 percent, Siam Commercial Bank collected 1.34 percent, Siam Concrete fell 0.33 percent, Thai Oil rose 0.40 percent and True Corporation, TTB Bank, SCG Packaging, Banpu, Gulf, PTT and BTS Group were unchanged.

The lead from Wall Street is upbeat as the major averages opened sharply higher on Wednesday; they came off the day's highs but still finished solidly in the green.

The Dow soared 419.59 points or 1.07 percent to finish at 39,606.57, while the NASDAQ rallied 407.63 points or 2.50 percent to close at 16,708.05 and the S&P 500 jumped 88.10 points or 1.67 percent to end at 5,375.86.

Stocks surged early after President Donald Trump appeared to soften his stance on Federal Reserve Chair Jerome Powell. Trump's attacks on Powell had led to anxiety on Wall Street about the Fed's independence.

The president also suggested he's willing to take a less confrontational approach to trade talks with China, predicting the current 145 percent tariff on Chinese imports will "come down substantially."

Buying interest waned over the course of the session, however, as traders continue to express concerns about recent volatility in the markets triggered largely by Trump's words.

Crude oil prices moved sharply lower on Wednesday after reports suggested that OPEC may accelerate oil output hikes in June for a second consecutive month. West Texas Intermediate crude for June delivery tumbled $1.52 or 2.4 percent to $62.15 a barrel.