Higher Open Called For Thai Stock Market

(RTTNews) - The Thai stock market on Wednesday snapped the two-day slide in which it had fallen more than 20 points or 1.7 percent. The Stock Exchange of Thailand now rests just beneath the 1,355-point plateau and it's tipped to extend its gains on Thursday.

The global forecast for the Asian markets is upbeat on optimism for a coronavirus treatment. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

The SET finished sharply higher on Wednesday following gains from the financial shares and the energy producers.

For the day, the index climbed 13.24 points or 0.99 percent to finish at 1,354.31 after trading between 1,344.76 and 1,356.93. Volume was 16.123 billion shares worth 59.689 billion baht. There were 845 gainers and 518 decliners, with 378 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.53 percent, while Thailand Airport jumped 1.84 percent, Asset World lost 0.50 percent, Bangkok Bank spiked 2.35 percent, Bangkok Dusit Medical fell 0.45 percent, Bangkok Expressway added 0.55 percent, BTS Group advanced 0.92 percent, Charoen Pokphand Foods soared 2.99 percent, Kasikornbank collected 0.55 percent, PTT perked 1.97 percent, PTT Exploration and Production surged 2.97 percent, PTT Global Chemical rallied 2.70 percent, Siam Commercial Bank accelerated 2.41 percent, Siam Concrete gained 0.52 percent, TMB Bank skyrocketed 3.00 percent and Krung Thai Bank was unchanged.

The lead from Wall Street is firm as stocks fluctuated on Wednesday maintained a positive bias before ending mostly higher.

The Dow jumped 227.51 points or 0.85 percent to finish at 26,870.10, while the NASDAQ gained 61.92 points or 0.59 percent to end at 10,550.49 and the S&P 500 rose 29.04 points or 0.91 percent to close at 3,226.56.

The continued strength on Wall Street came as upbeat news on the coronavirus vaccine front helped traders shrug off a record single-day spike in new Covid-19 cases in the U.S. Biotech firm Moderna (MRNA) said its experimental vaccine was safe and produced strong immune responses in all 45 patients in an early-stage human trial.

Upbeat earnings news from Goldman Sachs (GS) added to the positive sentiment, with the financial giant reporting much stronger than expected second quarter results.

Crude oil futures ended firmly higher Wednesday after data showed a marked decline in U.S. crude inventories last week. West Texas Intermediate crude oil futures for August ended up $0.91 or 2.3 percent at $41.20 a barrel, the highest settlement since March 6.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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