(RTTNews) - The Thai stock market has moved higher in three straight sessions, gathering nearly 35 points or 2.3 percent along the way. The Stock Exchange of Thailand now sits just above the 1,516-point plateau and it's tipped to extend its winning streak on Tuesday.
The global forecast for the Asian markets is upbeat, supported by rising crude oil prices and vaccine optimism. 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 climbed 19.82 points or 1.32 percent to finish at 1,516.43 after trading between 1,507.09 and 1,517.31. Volume was 28.604 billion shares worth 28.604 billion baht. There were 893 gainers and 727 decliners, with 407 stocks finishing unchanged.
Among the actives, Advanced Info rallied 2.06 percent, while Thailand Airport climbed 1.17 percent, Asset World tumbled 1.96 percent, Bangkok Asset Management dropped 0.92 percent, Bangkok Bank soared 5.28 percent, Bangkok Dusit Medical added 0.48 percent, BTS Group advanced 1.05 percent, Charoen Pokphand Foods jumped 1.83 percent, Gulf gained 0.76 percent, Kasikornbank surged 6.52 percent, Krung Thai Bank spiked 4.10 percent, PTT perked 3.21 percent, PTT Exploration and Production rose 0.46 percent, PTT Global Chemical gathered 1.61 percent, SCG Packaging was up 3.23 percent, Siam Commercial Bank skyrocketed 6.53 percent, Siam Concrete improved 0.54 percent, TMB Bank collected 4.35 percent and Bangkok Expressway was unchanged.
The lead from Wall Street is positive as stocks opened higher on Monday and picked up steam as the day progressed, sending the major averages to fresh record closing highs.
The Dow jumped 237.52 points or 0.76 percent to finish at 31,385.76, while the NASDAQ advanced 131.35 points or 0.95 percent to end at 13,987.64 and the S&P 500 gained 28.76 points or 0.74 percent to close at 3,915.59.
The support on Wall Street came as a slowdown in the spread of the coronavirus in different parts of the world and improved vaccine rollout efforts have helped generate continued buying interest.
Traders also remain optimistic about the outlook for the global economy and the likelihood of additional U.S. fiscal stimulus as Democrats have taken the first steps toward passing President Joe Biden's $1.9 trillion relief package without Republican support.
Crude oil prices moved up sharply on Monday, lifted by forthcoming production cuts and growing optimism for stimulus from the Biden administration. West Texas Intermediate Crude oil futures for March closed higher by $1.12 or 2 percent at $57.97 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
