Thai Bourse Looking At Another Green Light On Friday

(RTTNews) - The Thai stock market has alternated between positive and negative finishes through the last four trading days since the end of the four-day winning streak in which it had gathered almost 75 points or 7.3 percent. The Stock Exchange of Thailand now rests just beneath the 1,140-point plateau and it's expected to open higher again on Friday.

The global forecast for the Asian markets is firm thanks to major support from crude oil prices. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The SET finished sharply higher on Thursday following gains from the energy producers and a mixed picture from the financial shares.

For the day, the index spiked 32.76 points or 2.96 percent to finish at 1,138.27 after trading between 1,105.31 and 1,142.47. Volume was 13.896 billion shares worth 69.237 billion baht. There were 705 gainers and 455 decliners, with 342 stocks finishing unchanged.

Among the actives, Advanced Info added 1.79 percent, while Thailand Airport rose 1.52 percent, Asset World accelerated 7.98 percent, Banpu spiked 8.41 percent, Bangkok Bank skidded 1.52 percent, Bangkok Dusit Medical climbed 3.72 percent, Bangkok Expressway increased 0.65 percent, BTS Group fell 0.56 percent, Charoen Pokphand Foods jumped 4.94 percent, Kasikornbank advanced 1.42 percent, Krung Thai Bank collected 0.89 percent, PTT skyrocketed 11.57 percent, PTT Exploration and Production surged 12.31 percent, PTT Global Chemical soared 11.20 percent, Siam Commercial Bank gathered 1.48 percent, Siam Concrete sank 0.63 percent and TMB Bank perked 1.23 percent.

The lead from Wall Street is broadly positive as stocks fluctuated throughout much of Thursday's trade before surging into the close.

The Dow jumped 469.93 points or 2.24 percent to finish at 21,413.44, while the NASDAQ climbed 126.73 points or 1.72 percent to 7,487.31 and the S&P 500 spiked 56.40 points or 2.28 percent to 2,526.90.

The higher close on Wall Street was due in large part to strength among energy stocks, which moved sharply higher along with the price of crude oil.

Crude oil prices skyrocketed on Thursday amid hopes the price war between Saudi Arabia and Russia would end soon. West Texas Intermediate Crude oil futures for May ended up $5.01 or 25 percent at $25.32 a barrel.

The strength that emerged came even though the Labor Department reported a record spike in initial jobless claims last week. In the past two weeks, nearly 10 million people have filed for unemployment, which economists say translates to an unemployment rate of about 10 percent.

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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