Thai Stocks: Will They Ever Go Back Down?

By RTT News, 

( - The Thai stock market had finished higher now in an even dozen straight sessions, rising more than 70 points or 4.8 percent in that span. The Stock Exchange of Thailand settled just below the 1,530-point plateau, and the market has drawn another firm start on Tuesday.

The global forecast for the Asian markets is broadly positive, thanks to upbeat earnings news. The European and U.S. markets finished firmly in the green, and the Asian markets are tipped to open in similar fashion.

The SET finished modestly higher as the financial shares and energy producers finished mostly higher.

For the day, the index jumped 11.22 points or 0.74 percent to finish at 1,529.23 after trading between 1,523.05 and 1,531.63. Volume was 8.337 billion shares worth 41.293 billion baht. There were 461 gainers and 351 decliners, with 184 stocks finishing unchanged.

Among the actives, coal miner Banpu surged 5.26 percent, while Bangkok Bank shed 0.49 percent, Kasikornbank jumped 1.88 percent, energy giant PTT was unchanged, PTT Exploration and Production added 0.61 percent, PTT Global Chemical spiked 2.61 percent, Siam Commercial Bank advanced 2.47 percent and Siam Concrete gathered 0.43 percent.

The lead from Wall Street is upbeat as stocks moved higher on Monday, after a notable pullback last week. The gains lifted the Dow back above 17,000, although it gave back some ground after reaching a record intraday high in early trading.

The Dow climbed 111.61 points or 0.7 percent to 17,055.42, while the NASDAQ advanced 24.93 points or 0.6 percent to 4,440.42 and the S&P 500 is up 9.53 points or 0.5 percent to 1,977.10.

The support reflected a positive reaction to earnings news from Citigroup ( C ), which saw adjusted earnings of $1.24 per share on revenues of $19.3 billion compared to estimates for $1.05 per share on revenues of $18.9 billion.

The markets also benefited from news on the merger-and-acquisition front, with URS Corp. (URS) moving sharply higher after agreeing to be acquired by Aecom ( ACM ) for approximately $4 billion in cash and stock.

Trading activity was somewhat subdued as traders looked ahead to earnings news later in the week from JP Morgan (JPM), Goldman Sachs (GS), Intel (INTC), Bank of America ( BAC ), IBM (IBM), Morgan Stanley (MS), and General Electric (GE).

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This article appears in: News Headlines

Referenced Stocks: ACM , BAC , BBL , BNPJY , C

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