(RTTNews) – The Thai stock market has moved higher in two straight sessions, collecting almost 25 points or 1.4 percent along the way. The Stock Exchange of Thailand now rests just above the 1,590-point plateau and may tick higher again on Friday.
The global forecast for the Asian markets is cautiously optimistic, supported by bargain hunting and crude oil prices. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SET finished barely higher on Thursday as gains from the energy producers were offset by weakness from the financial sector.
For the day, the index rose 1.03 points or 0.06 percent to finish at 1,591.84 after trading between 1,580.08 and 1,592.00. Volume was 24.101 billion shares worth 67.069 billion baht. There were 1,010 decliners and 549 gainers, with 611 stocks finishing unchanged.
Among the actives, Advanced Info added 0.47 percent, while Thailand Airport sank 0.83 percent, Bangkok Bank dropped 0.87 percent, Bangkok Dusit Medical rallied 2.22 percent, Bangkok Expressway shed 0.60 percent, BTS Group lost 0.54 percent, CP All Public fell 0.42 percent, Charoen Pokphand Foods declined 0.84 percent, Energy Absolute jumped 1.87 percent, IRPC climbed 1.05 percent, Kasikornbank retreated 0.74 percent, Krung Thai Bank collected 0.86 percent, Krung Thai Card advanced 0.93 percent, PTT Oil & Retail improved 1.00 percent, PTT perked 1.36 percent, PTT Global Chemical gained 0.44 percent, SCG Packaging gathered 0.80 percent, Siam Commercial Bank surrendered 1.59 percent¸ Siam Concrete was down 0.80 percent, Tue Corporation tumbled 0.87 percent and TTB Bank, Gulf and PTT Exploration and Production were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher on Thursday and largely remained that way to finish with solid gains.
The Dow surged 617.75 points or 1.82 percent to finish at 34,639.70, while the NASDAQ advanced 127.27 points or 0.83 percent to close at 15,381.32 and the S&P 500 jumped 64.04 points or 1.42 percent to end at 4,577.10.
The rebound on Wall Street partly reflected bargain hunting following the steep drop on Wednesday, extending the rollercoaster ride stocks have been on since news of the detection of omicron variant of the coronavirus.
Traders have seemed extremely sensitive to omicron-related news amid concerns the variant could derail the economic recovery even as the Federal Reserve begins scaling back stimulus.
In U.S. economic news, the Labor Department released a report showing a modest rebound by initial jobless claims last week.
Crude oil prices rallied on Thursday after falling to a three-month low in the previous session, shaking off plans by OPEC to increase output. West Texas Intermediate for January delivery jumped $0.93 or 1.4 percent to $66.50 a barrel.
Closer to home, Thailand will provide November numbers for consumer prices later today, with forecasts suggesting an increase of 2.5 percent – up from 2.38 percent in October.