Higher Open Predicted For Thai Stock Market

(RTTNews) - The Thai stock market has moved higher in two straight sessions, jumping more than 30 points or 2 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,560-point plateau and it's got a firm lead again for Friday's trade.

The global forecast for the Asian markets is upbeat on easing concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished sharply higher on Thursday following gains from the energy, industrial, food, technology and financial sectors.

For the day, the index spiked 26.29 points or 1.71 percent to finish at the daily high of 1,559.50 after moving as low as 1,530.55. Volume was 13.840 billion shares worth 59.639 billion baht.

Among the actives, Advanced Info added 0.93 percent, while Thailand Airport climbed 1.06 percent, Asset World rallied 2.23 percent, Banpu accelerated 2.37 percent, Bangkok Bank strengthened 1.56 percent, Bangkok Expressway improved 2.44 percent, B. Grimm spiked 2.74 percent, BTS Group increased 2.80 percent, CP All Public added 0.80 percent, Charoen Pokphand Foods soared 4.48 percent, Energy Absolute strengthened 3.17 percent, Gulf gained 3.28 percent, Kasikornbank climbed 1.14 percent, Krung Thai Bank collected 1.57 percent, Krung Thai Card spiked 3.43 percent, PTT Oil & Retail gathered 2.50 percent, PTT accelerated 3.25 percent, PTT Exploration and Production perked 1.33 percent, PTT Global Chemical surged 4.79 percent, SCG Packaging rallied 3.97 percent, Siam Commercial Bank jumped 1.90 percent, Siam Concrete strengthened 1.81 percent, Thai Oil advanced 3.37 percent, True Corporation climbed 1.46 percent and TTB Bank and Bangkok Dusit Medical were unchanged.

The lead from Wall Street is positive as the major averages shook off a flat lead on Thursday and climbed steadily throughout the session, ending solidly in the green.

The Dow climbed 168.59 points or 0.50 percent to finish at 33,833.61, while the NASDAQ jumped 133.63 points or 1.02 percent to close at 13,238.52 and the S&P 500 rose 26.41 points or 0.62 percent to end at 4,293.93.

The strength on Wall Street reflected easing concerns about the outlook for interest rates following the Labor Department report showing initial jobless claims increased by much more than expected last week.

While jobless claims can be volatile around holidays like Memorial Day, the data seems to have added to optimism that the Federal Reserve will pause its interest rate hikes at Wednesday's meeting.

Crude oil prices regained ground after a midday sell-off but still ended Thursday's trading session firmly in negative territory as concerns about the outlook for energy demand continued to weigh on the markets. West Texas Intermediate for July shed $1.24 or 1.7 percent at $71.29 a barrel.