Thai Shares Expected To See Continued Support

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(RTTNews.com) - The Thai stock market has climbed higher in back-to-back trading days, advancing more than 25 points or 1.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,630-point plateau and it inherits another positive lead for Tuesday.

The global forecast for the Asian markets is upbeat on surging crude oil prices and global trade optimism. The European and U.S. markets were up and the Asian markets are tipped to follow suit.

The SET finished modestly higher on Monday as gains from the financials and cement stocks were capped by weakness from the energy producers.

For the day, the index gained 8.67 points or 0.53 percent to finish at 1,630.77 after trading between 1,616.97 and 1,631.74. Volume was 10.545 billion shares worth 33.744 billion baht. There were 760 gainers and 536 decliners, with 514 stocks finishing unchanged.

Among the actives, Advanced Info added 0.28 percent, while Thailand Airport climbed 1.19 percent, Banpu spiked 2.42 percent, Bangkok Bank jumped 1.95 percent, Beauty Community skidded 1.13 percent, Bangkok Expressway shed 0.58 percent, Charoen Pokphand Foods advanced 1.00 percent, Kasikornbank collected 0.52 percent, Krung Thai Bank accelerated 2.02 percent, PTT lost 0.51 percent, PTT Exploration and Production dropped 1.53 percent, PTT Global Chemical tumbled 1.92 percent, Siam Commercial Bank soared 2.22 percent, Siam Concrete perked 0.90 percent and Bangkok Medical was unchanged.

The lead from Wall Street is broadly positive and stocks opened sharply higher on Monday and remained in the green throughout the session, offsetting last week's selloff.

The Dow jumped 354.29 points or 1.46 percent to 24,640.24, while the NASDAQ soared 142.87 points or 2.06 percent to 7,081.85 and the S&P climbed 40.89 points or 1.55 percent to 2,673.45.

The rebound on Wall Street came as traders looked to pick up stocks at reduced levels on the heels of recent weakness.

Traders are also looking ahead to a meeting between President Donald Trump and Chinese President Xi Jinping later this week. Trump and Xi are due to meet at the G20 summit in Buenos Aires, Argentina, beginning on Friday - looking for signs of progress on a potential trade deal.

Crude oil prices rebounded on Monday on hopes OPEC members will cut production to prevent a supply glut in the market. U.S. West Texas Intermediate crude futures for January ended up $1.21 or 2.4 percent at $51.63 a barrel.

Read the original article on RTTNews (http://www.rttnews.com/2957703/thai-shares-expected-to-see-continued-support.aspx)

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This article appears in: World Markets , Banking and Loans , US Markets , Oil , Stocks

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