Thai Stock Market May Challenge Resistance At 1,300 Points
(RTTNews) - The Thai stock market has finished higher in three straight sessions, collecting almost 25 points or 1.9 percent along the way. The Stock Exchange of Thailand now rests just above the 1,280-point plateau and it's expected to open in the green again on Thursday.
The global forecast for the Asian markets is broadly positive on optimism for a treatment for the Covid-19 virus. The European and U.S. markets were sharply higher and the Asian markets are tipped to open in the green.
The SET finished modestly higher on Wednesday following gains from the energy producers and a mixed picture from the financial sector.
For the day, the index added 7.69 points or 0.60 percent to finish at 1,282.68 after trading between 1,275.68 and 1,286.45. Volume was 13.129 billion shares worth 49.140 billion baht. There were 681 gainers and 590 decliners, with 418 stocks finishing unchanged.
Among the actives, Advanced Info added 0.75 percent, while Thailand Airport advanced 0.84 percent, Asset World soared 3.92 percent, Banpu jumped 1.82 percent, Bangkok Bank collected 0.50 percent, Bangkok Expressway gained 0.53 percent, BTS Group dropped 0.88 percent, Charoen Pokphand Foods plunged 2.68 percent, Kasikornbank fell 0.30 percent, Krung Thai Bank accelerated 2.91 percent, PTT perked 1.49 percent, PTT Exploration and Production climbed 1.62 percent, PTT Global Chemical gathered 0.68 percent, Siam Commercial Bank dipped 0.38 percent, Siam Concrete rose 0.29 percent, TMB Bank spiked 2.20 percent and Bangkok Dusit Medical was unchanged.
The lead from Wall Street is upbeat as stocks opened sharply higher on Wednesday and continued to see significant upside throughout the session after ending the previous day in the red.
The Dow surged 532.31 points or 2.21 percent to 24,633.86, while the NASDAQ soared 306.98 points or 3.57 percent to 8,914.98 and the S&P 500 jumped 76.12 points or 2.66 percent to end at 2,939.51.
The rally on Wall Street comes as upbeat news about Gilead Sciences' potential coronavirus treatment remdesivir overshadowed a report from the Commerce Department showing a steep drop in U.S. gross domestic product in the first quarter.
The Commerce Department said U.S. real gross domestic product decreased at an annual rate of 4.8 percent in the first quarter following the 2.1 percent jump in the fourth quarter of 2019.
Markets maintained their positive bias after the U.S. Federal Reserve held its interest rate target between 0 and 0.25 percent. The Fed said it would continue with its aggressive policy stance until it feels that the economy is back on its feet.
The positive sentiment extended to the oil markets as crude oil prices rose sharply on Wednesday, rebounding from losses in the previous two days. West Texas Intermediate Crude oil futures for June ended up $2.72 or 22 percent at $15.06 a barrel, after rising to a high of $16.78 at one point.
Closer to home, Thailand will release March figures for imports, exports and trade balance later today. In February, imports were worth $14.89 billion and exports were at $20.29 billion for a trade surplus of $5.40 billion.