Thai Shares Tipped To Open In The Green

(RTTNews) - The Thai stock market on Wednesday ended the two-day losing streak in which it had fallen more than 25 points or 2 percent. The Stock Exchange of Thailand now sits just above the 1,350-point plateau and it's expected to open to the upside again on Thursday.

The global forecast for the Asian markets is positive as U.S. inflation data eased concerns over the outlook for interest rates. The European and U.S. markets finished solidly higher and the Asian bourses figure to follow that lead.

The SET finished modestly higher on Wednesday following gains from the food, finance, industrial, property, resource and service sectors.

For the day, the index improved 12.92 points or 0.96 percent to finish at the daily high of 1,353.17 after trading as low as 1,334.79. Volume was 8.561 billion shares worth 44.253 billion baht.

Among the actives, Advanced Info climbed 1.06 percent, while Thailand Airport picked up 0.88 percent, Asset World spiked 2.60 percent, Bangkok Bank strengthened 1.32 percent, Bangkok Dusit Medical was up 1.71 percent, Bangkok Expressway improved 1.47 percent, B. Grimm plummeted 6.06 percent, BTS Group added 1.74 percent, CP All Public rose 2.29 percent, Charoen Pokphand Foods jumped 1.83 percent, Energy Absolute stumbled 1.32 percent, Gulf soared 3.00 percent, Kasikornbank advanced 0.93 percent, Krung Thai Bank collected 0.91 percent, Krung Thai Card rallied 1.50 percent, PTT Oil & Retail gathered 2.52 percent, PTT gained 3.31 percent, PTT Exploration and Production perked 1.98 percent, PTT Global Chemical accelerated 1.77 percent, SCG Packaging slumped 1.13 percent, Siam Commercial Bank improved 1.67 percent, Siam Concrete surged 4.29 percent, Thai Oil increased 0.85 percent, True Corporation dropped 0.93 percent, TTB Bank added 0.55 percent and Banpu was unchanged.

The lead from Wall Street is solid as the major averages opened firmly higher and stayed that way throughout the session.

The Dow surged 703.27 points or 1.65 percent to finish at 43,221.55, while the NASDAQ rallied 466.84 points or 2.45 percent to close at 19,511.23 and the S&P 500 jumped 107.00 points or 1.83 percent to end at 5,949.91.

The rally on Wall Street was a positive reaction to the Labor Department's closely watched report on consumer price inflation in December. While the report showed consumer prices rose slightly more than expected in December, the annual rate of core consumer price growth unexpectedly slowed.

Positive sentiment was also generated in reaction to upbeat earnings news from financial giants JPMorgan Chase (JPM), Goldman Sachs (GS) and Citigroup (C).

Oil prices spiked Wednesday as crude inventories in the U.S. dropped last week, while possible supply disruptions due to new sanctions against Russia also supported prices. West Texas Intermediate Crude oil futures for February rose $2.54 or 3.3 percent at $80.04 a barrel.