Additional Support Called For Thai Stock Market
(RTTNews) - The Thai stock market has finished higher in back-to-back sessions, advancing almost 25 points or 1.4 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,615-point plateau and it's tipped to add to its winnings again on Tuesday.
The global forecast for the Asian markets is upbeat on renewed optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The SET finished sharply higher on Monday following gains from the financial shares and the energy producers.
For the day, the index jumped 17.08 points or 1.07 percent to finish at the daily high of 1,614.80 after moving as low as 1,601.76. Volume was 16.835 billion shares worth 47.419 billion baht. There were 1,109 gainers and 590 decliners, with 433 stocks finishing unchanged.
Among the actives, Advanced Info spiked 1.82 percent, while Thailand Airport added 0.31 percent, Banpu soared 2.65 percent, Bangkok Bank collected 0.28 percent, Bangkok Expressway dropped 0.93 percent, Charoen Pokphand Foods advanced 0.97 percent, Kasikornbank jumped 1.96 percent, PTT perked 0.58 percent, PTT Exploration and Production rose 0.42 percent, PTT Global Chemical accelerated 1.89 percent, Siam Commercial Bank gained 2.12 percent, Siam Concrete climbed 1.55 percent, TMB Bank surged 2.07 percent and Asset World, Bangkok Dusit Medical, BTS Group and Krung Thai Bank were unchanged.
The lead from Wall Street is positive as stocks showed a strong move to the upside on Monday, sending the major averages to fresh record closing highs.
The Dow added 190.85 points or 0.68 percent to 28,066.47, while the NASDAQ spiked 112.60 points or 1.32 percent to finish at 8,632.49 and the S&P 500 rose 23.35 points or 0.75 percent to 3,133.64.
The strength on Wall Street reflected continued optimism about a U.S.-China trade agreement after a tabloid run by China's ruling Communist Party discounted "negative" media reports and said the economic superpowers are "very close" to a phase one deal.
News on the merger-and-acquisition front also generated positive sentiment, as the deals suggest companies remain confident even with the uncertainty created by the U.S.-China trade dispute.
Crude oil prices moved higher Monday as worries about energy demand subsided after positive comments from the U.S. and China raised optimism about a deal between the two countries. West Texas Intermediate crude oil futures for January ended up $0.24 at $58.01 a barrel.
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