Thai Bourse Tipped To Add To Its Winnings On Thursday

(RTTNews) - The Thai stock market has finished higher in three straight sessions, collecting almost 30 points or 2 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,550-point plateau and it's expected to extend its gains on Thursday.

The global forecast for the Asian markets is upbeat, with technology stocks expected to fuel the rally. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The SET finished slightly higher on Wednesday as gains from the food and finance stocks were limited by weakness from the industrials and energy and technology companies.

For the day, the index rose 3.41 points or 0.22 percent to finish at 1,549.01 after trading between 1,543.37 and 1,554.28. Volume was 16.102 billion shares worth 75.844 billion baht. There were 332 gainers and 163 decliners, with 151 stocks finishing unchanged.

Among the actives, Advanced Info added 0.45 percent, while Thailand Airport improved 1.41 percent, Banpu retreated 1.13 percent, Bangkok Bank shed 0.58 percent, Bangkok Expressway increased 0.56 percent, B. Grimm sank 0.69 percent, BTS Group accelerated 2.07 percent, CP All Public spiked 1.94 percent, Charoen Pokphand Foods surged 2.99 percent, Energy Absolute rallied 2.09 percent, Gulf advanced 1.00 percent, Kasikornbank jumped 1.92 percent, Krung Thai Bank collected 1.01 percent, Krung Thai Card strengthened 1.59 percent, PTT Oil & Retail lost 0.49 percent, PTT declined 1.38 percent, PTT Exploration and Production slumped 0.63 percent, PTT Global Chemical tumbled 2.04 percent, Siam Commercial Bank soared 2.62 percent, Siam Concrete rose 0.32 percent, Thai Oil stumbled 1.44 percent, True Corporation tanked 2.13 percent, TTB Bank climbed 1.12 percent and SCG Packaging, Asset World and Bangkok Dusit Medical were unchanged.

The lead from Wall Street is positive as the major averages opened higher and accelerated as the day progressed, ending near session highs.

The Dow gained 184.15 points or 0.54 percent to finish at 34,472.98, while the NASDAQ spiked 215.16 points or 1.59 percent to end at 13,721.03 and the S&P 500 added 48.46 points or 1.10 percent to close at 4,436.01.

The spike by the Nasdaq came as tech stocks rallied ahead of earnings news from Nvidia (NVDA), and the chipmaker released strong fiscal second quarter results after the close of trading.

A steep drop by bond yields also generated some buying interest, as the 10-year yield pulled back further off highest levels in well over 15 years.

In economic news, S&P noted a slowdown in the pace service sector activity and a contraction in manufacturing activity in August. Also, the Commerce Department said new home sales rebounded much more than expected in July.

Crude oil futures settled lower Wednesday amid concerns about the outlook for oil demand after data showed a decline in global manufacturing activity. West Texas Intermediate Crude oil futures for October ended lower by $0.75 or 0.9 percent at $78.89 a barrel.