(RTTNews.com) - The Thai stock market has climbed higher in back-to-back trading days, collecting more than 35 points or 2.1 percent along the way. The Stock Exchange of Thailand now rests just above the 1,670-point plateau and it's expected to open in the green again on Tuesday.
The global forecast for the Asian markets is upbeat on easing trade concerns and a jump in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The SET finished sharply higher on Monday with gains across the board - particularly among the financials and energy producers.
For the day, the index jumped 30.81 points or 1.88 percent to finish at 1,672.61 after trading between 1,660.05 and 1,675.43. Volume was 12.969 billion shares worth 60.562 billion baht. There were 1,019 gainers and 463 decliners, with 384 stocks finishing unchanged.
Among the actives, Advanced Info added 0.28 percent, while Thailand Airport jumped 3.14 percent, Banpu soared 5.92 percent, Bangkok Bank collected 0.96 percent, Beauty Community gained 0.56 percent, Bangkok Expressway climbed 1.13 percent, Charoen Pokphand Foods perked 2.00 percent, Kasikornbank gathered 1.55 percent, Krung Thai Bank was up 1.49 percent, PTT spiked 5.08 percent, PTT Global Chemical surged 6.44 percent, PTT Global Chemical accelerated 3.18 percent, Siam Commercial Bank rose 1.80 percent and Siam Concrete and Bangkok Medical were unchanged.
The lead from Wall Street is solid as stocks opened sharply higher on Monday before giving back some ground - although the major averages still finished firmly positive.
The Dow added 287.97 points or 1.13 percent to 25,826.43, while the NASDAQ climbed 110.98 points or 1.51 percent to 7,441.51 and the S&P gained 30.20 points or 1.09 percent to 2,790.37.
The initial jump was a positive reaction to the meeting between President Donald Trump and Chinese President Xi Jinping over the weekend. At the meeting, they agreed to a 90-day truce in the escalating trade war between the world's two largest economies as they work to reach a long-term trade deal.
In economic news, the Institute for Supply Management noted an unexpected acceleration in the pace of growth in manufacturing activity in November. A separate report from the Commerce Department showed construction spending unexpectedly edged lower in October.
Crude oil prices rose sharply on Monday amid easing trade tensions after the U.S. and China agreed on a 90-day trade war truce. Crude oil futures for January ended up $2.02 or 4 percent at $52.95 a barrel.
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