Thai Stock Market Poised To Extend Winning Streak

RTTNews | 570 days ago
Thai Stock Market Poised To Extend Winning Streak

(RTTNews) - The Thai stock market has moved higher in two straight sessions, gathering almost 40 points or 2.9 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,420-point plateau and it's got another solid lead for Monday's trade.

The global forecast for the Asian markets is upbeat on an improved 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 Friday following gains from the food, finance, industrial and energy sectors.

For the day, the index climbed 15.77 points or 1.12 percent to finish at 1,419.76 after trading between 1,410.04 and 1,424.66. Volume was 10.849 billion shares worth 45.787 billion baht. There were 395 gainers and 112 decliners, with 142 stocks finishing unchanged.

Among the actives, Advanced Info jumped 1.86 percent, while Thailand Airport perked 0.36 percent, Asset World increased 1.13 percent, Banpu gathered 1.31 percent, Bangkok Bank spiked 2.86 percent, Bangkok Dusit Medical advanced 0.93 percent, Bangkok Expressway added 0.63 percent, B. Grimm skyrocketed 4.76 percent, CP All Public was up 0.44 percent, Charoen Pokphand Foods soared 3.23 percent, Energy Absolute surged 4.47 percent, Gulf added 0.56 percent, Kasikornbank collected 0.75 percent, Krung Thai Bank strengthened 1.60 percent, Krung Thai Card improved 1.08 percent, PTT Oil & Retail accelerated 2.72 percent, PTT perked 0.75 percent, PTT Exploration and Production gained 2.17 percent, PTT Global Chemical rallied 2.80 percent, SCG Packaging surged 3,50 percent, Siam Commercial Bank climbed 1.01 percent, Siam Concrete fell 0.34 percent, Thai Oil rose 2.63 percent, TTB Bank jumped 1.84 percent and True Corporation and BTS Group were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Friday and remained in the green throughout the session.

The Dow surged 222.22 points or 0.66 percent to finish at 34,061.32, while the NASDAQ jumped 184.08 points or 1.38 percent to end at 13,478.28 and the S&P 600 gained 40.56 points or 0.95 percent to close at 4,358.34.

For the week, the NASDAQ skyrocketed 6.6 percent, the S&P 500 soared 5.9 percent and the Dow spiked 5.1 percent.

The continued strength on Wall Street reflected a positive reaction to a Labor Department report showing U.S. employment rose less than expected in October.

The data added to optimism the Federal Reserve is done raising interest rates after the central bank left rates unchanged for the third time in four meetings last week.

Treasury yields also extended a recent slump following the release of the report, adding to the buying interest on Wall Street.

Crude oil moved sharply lower on Friday on worries about the outlook for energy demand. West Texas Intermediate for December delivery tumbled $1.95 or 2.4 percent to $80.51 a barrel.

Closer to home, Thailand will release October figures for consumer prices later today, with overall inflation called flat on an annual basis after rising 0.3 percent in September. Core CPI is expected to rise 0.59 percent on year, easing from 0.63 percent in the previous month.

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