Thai Stock Market May See Continued Support

(RTTNews) - The Thai stock market has finished higher in three straight sessions, jumping almost 45 points or 3.2 percent along the way. The Stock Exchange of Thailand now rests just above the 1,585-point plateau and it may inch higher again on Wednesday.

The global forecast for the Asian markets is flat to slightly higher, again supported by oil and technology stocks. The European markets were mixed and the U.S. bourse were slightly higher and the Asian markets figure to split the difference.

The SET finished slightly higher on Tuesday as the financial shares and energy producers were mostly higher.

For the day, the index rose 4.91 points or 0.31 percent to finish at 1,586.98 after trading between 1,585.46 and 1,898.39. Volume was

Among the actives, Thailand Airport added 0.41 percent, while Bangkok Bank climbed 1.33 percent, Bangkok Dusit Medical rallied 2.22 percent, Charoen Pokphand Foods advanced 0.94 percent, Gulf plunged 3.23 percent, Krung Thai Bank spiked 2.75 percent, Krung Thai Card tumbled 1.94 percent, PTT Oil & Retail retreated 1.67 percent, PTT perked 2.78 percent, PTT Exploration and Production surged 3.83 percent, PTT Global Chemical soared 2.59 percent, SCG Packaging declined 1.79 percent, Siam Commercial Bank and Siam Concrete both dropped 0.95 percent, TTB Bank collected 1.92 percent and Advanced Info, Bangkok Expressway, BTS Group and Kasikornbank were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened solidly higher on Tuesday but faded as the day progressed, finally finishing with small gains.

The Dow added 30.55 points or 0.09 percent to finish at 35,366.26, while the NASDAQ climbed 77.15 points or 0.52 percent to end at 15,019.80 and the S&P 500 rose 6.70 points or 0.15 percent to close at 4,486.23.

The higher open on Wall Street came hopes that the FDA's approval of the Pfizer/BioNTech COVID-19 vaccine could boost vaccination rates in the U.S. and spur economic growth.

In economic news, the Commerce Department reported a rebound in U.S. new home sales in July.

Investors also are looking ahead to a highly-anticipated speech by Fed Chairman Jerome Powell during the virtual Jackson Hole Symposium on Friday for more clarity on the Fed's tapering timeline.

Crude oil prices moved higher Tuesday for a second straight session as concerns for energy demand eased signs of falling coronavirus infections in China, India and some other countries. West Texas Intermediate Crude oil futures for October ended up $1.90 or 3 percent at $67.54 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.

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