Thai Stock Market May See Additional Support On Monday

(RTTNews) - The Thai stock market bounced higher again on Friday, one day after ending the two-day winning streak in which it had gained almost 20 points or 1.8 percent. The Stock Exchange of Thailand now sits just beneath the 1,160-point plateau and it's expected to extend open in the green again on Monday.

The global forecast for the Asian markets is positive on easing tariff tensions between the United States and China. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The SET finished sharply higher on Friday following gains from the food, industrial, property, resource, service and technology sectors.

For the day, the index advanced 12.14 points or 1.06 percent to finish at 1,159.00 after trading between 1,151.65 and 1,161.03. Volume was 6.856 billion shares worth 33.148 billion baht. There were 306 gainers and 161 decliners, with 193 stocks finishing unchanged.

Among the actives, Advanced Info slumped 1.07 percent, while Asset World jumped 1.83 percent, Banpu gained 0.47 percent, Bangkok Bank fell 0.37 percent, Bangkok Dusit Medical soared 2.17 percent, Bangkok Expressway gathered 1.71 percent, B. Grimm improved 0.90 percent, BTS Group sank 0.81 percent, CP All Public accelerated 1.01 percent, Energy Absolute spiked 1.85 percent, Gulf strengthened 1.68 percent, Krung Thai Bank dropped 0.95 percent, PTT Oil & Retail rallied 1.55 percent, PTT increased 0.83 percent, PTT Exploration and Production gained 1.52 percent, PTT Global Chemical added 0.57 percent, SCG Packaging soared 3.82 percent, Siam Commercial Bank shed 0.43 percent, True Corporation advanced 0.85 percent, TTB Bank stumbled 2.21 percent and Charoen Pokphand Foods, Kasikornbank, Krung Thai Card, Siam Concrete, Thai Oil and Thailand Airport were unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Friday but a late rally pushed them all into the green by the close.

The Dow rose 20.10 points or 0.05 percent to finish at 40,113.50, while the NASDAQ rallied 216.94 points or 1.26 percent to close at 17,382.94 and the S&P 500 climbed 40.44 points or 0.74 percent to end at 5,525.21. For the week, the NASDAQ spiked 6.7 percent, the S&P 500 surged 4.6 percent and the Dow shot up by 2.5 percent.

The volatility on the day came as traders kept a close eye on the developments on the trade front, with President Donald Trump refuting China's claims that the two countries have not held any trade negotiations.

Several reports citing U.S. businesses also said China has exempted some U.S. imports from its 125 percent tariffs.

In U.S. economic news, the University of Michigan said consumer sentiment in the U.S. deteriorated less than previously estimated in the month of April.

Crude oil futures moved modestly higher on Friday amid signs of easing trade tensions between the U.S. and China. West Texas Intermediate crude for June delivery rose $0.23 or 0.4 percent to $63.02 a barrel. For the week, crude for June delivery tumbled $0.99 a barrel or 1.6 percent.