(RTTNews.com) - The Thai stock market has tracked higher in back-to-back trading days, advancing more than 25 points or 1.5 percent along the way. The Stock Exchange of Thailand now rests just above the 1,720-point plateau although it's expected to run out of steam on Thursday.
The global forecast for the Asian markets is broadly negative thanks to growing concerns over growth, trade and interest rates. The European and U.S. markets were firmly in the red and the Asian bourses are expected to open in similar fashion.
The SET finished sharply higher on Wednesday with gains across the board - particularly among the financial shares and energy producers.
For the day, the index surged 24.90 points or 1.47 percent to finish at the daily high of 1,721.82 after moving as low as 1,707.63. Volume was 12.721 billion shares worth 46.879 billion baht. There were 1,056 gainers and 411 decliners, with 388 stocks finishing unchanged.
Among the actives, Advanced Info climbed 1.53 percent, while Thailand Airport advanced 1.20 percent, Banpu added 0.53 percent, Bangkok Bank collected 0.95 percent, Bangkok Medical perked 1.81 percent, Beauty Community soared 4.08 percent, Bangkok Expressway gained 0.60 percent, Charoen Pokphand Foods picked up 0.83 percent, Kasikornbank jumped 1.43 percent, Krung Thai Bank spiked 2.54 percent. PTT surged 3.35 percent, PTT Exploration and Production gathered 2.70 percent, PTT Global Chemical was up 2.25 percent, Siam Commercial Bank expanded 1.41 percent and Siam Concrete rose 0.47 percent.
The lead from Wall Street is brutal as stocks saw substantial weakness on Wednesday, with the tech-heavy NASDAQ tumbling to a three-month closing low.
The Dow shed 831.83 points or 3.15 percent to 25,598.74, while the NASDAQ plunged 315.97 points or 4.08 percent to 7,422.05 and the S&P tumbled 94.66 points or 3.29 percent to 2,785.68.
Technology stocks led the way lower on Wall Street, with Netflix (NFLX), Amazon (AMZN), Apple ( AAPL ) and Facebook (FB) all posting significant losses on the day.
The sell-off came amid lingering concerns about the outlook for interest rates following a recent increase in treasury yields. Treasury yields moved higher after the Labor Department reported a rebound in producer prices in September.
The Federal Reserve raised interest rates by a quarter point to 2 to 2.25 percent last month, marking the third rate hike this year. The Fed's projections point to one more increase in rates this year and three rate hikes next year.
Crude oil prices drifted lower on Wednesday, amid prospects of a drop in crude demand due to weak global economic growth outlook. Crude oil futures for November ended down $1.79 or 2.4 percent at $73.17 a barrel.
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