Thai Stock Market May Extend Wednesday's Gains
(RTTNews.com) - The Thai stock market on Wednesday halted the four-day losing streak in which it had tumbled almost 45 points or 2.9 percent. The Stock Exchange of Thailand now rests just above the 1,555-point plateau and it may add to its winnings on Thursday.
The global forecast for the Asian markets is broadly positive, thanks to a spike in crude oil prices and bargain hunting after heavy losses earlier this week. The European markets were mixed and the U.S. bourse were sharply higher - and the Asian markets are expected to follow the latter lead.
The SET finished barely higher on Wednesday following mixed performances from the financial shares and the energy roducers.
For the day, the index added 0.28 points or 0.02 percent to finish at 1,556.93 after trading between 1,548.99 and 1,562.00. Volume was 11.266 billion shares worth 30.612 billion baht. There were 753 decliners and 422 gainers, with 513 stocks finishing unchanged.
Among the actives, Advanced Info shed 0.29 percent, while Thailand Airport jumped 1.99 percent, Banpu lost 0.65 percent, Bangkok Bank dipped 0.49 percent, Bangkok Medical climbed 0.96 percent, Bangkok Expressway plummeted 4.52 percent, Charoen Pokphand Foods dropped 1.63 percent, Kasikornbank collected 0.27 percent, Krung Thai Bank fell 0.51 percent, PTT added 0.55 percent, PTT Exploration and Production advanced 1.35 percent, PTT Global Chemical dipped 0.35 percent, Siam Concrete gained 0.47 percent and Siam Commercial Bank and Beauty Community were unchanged.
Following the sell-off in recent sessions, stocks rebound sharply on Wednesday, extending gains heading into the close.
The Dow soared 1,086.25 points or 4.98 percent to 22,878.45, while the NASDAQ surged 361.44 points or 5.84 percent to 6,554.35 and the S&P 500 jumped 116.60 points or 4.96 percent to 2,467.70.
Bargain hunting contributed to the rally on Wall Street, with traders picking up stocks at reduced levels after recent weakness dragged the major averages to their lowest closing levels in over a year.
Positive sentiment may have been generated by members of President Donald Trump's administration continuing to downplay reports the president has privately discussed firing Federal Reserve Chairman Jerome Powell.
Meanwhile, the partial government continues, with Trump stating the government will not reopen until Democrats agree to fund his controversial border wall.
Crude oil prices rose sharply amid thin deals on Wednesday, rebounding from an 18-month low on Christmas Eve. Crude oil futures for February surged $4.69 or 8.6 percent to $46.22 a barrel.
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