Markets

Thai Stock Market Predicted To Open In The Green

(RTTNews) - The Thai stock market has moved higher in back-to-back sessions, gathering more than 20 points or 1.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,315-point plateau and it may add to its winnings again on Tuesday.

The global forecast for the Asian markets is upbeat on rising oil prices and continued optimism for a coronavirus treatment. The European and U.S. markets were up and now the Asian bourses figure to open in similar fashion.

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

For the day, the index advanced 17.85 points or 1.37 percent to finish at 1,317.11 after trading between 1,299.05 and 1,318.20. Volume was 18.061 billion shares worth 57.078 billion baht.

Among the actives, Advanced Info added 0.54 percent, while Thailand Airport surged 5.09 percent, Asset World spiked 2.13 percent, Bangkok Bank advanced 0.96 percent, Bangkok Dusit Medical shed 0.50 percent, Bangkok Expressway jumped 1.65 percent, Charoen Pokphand Foods gathered 1.50 percent, Kasikornbank plunged 2.63 percent, Krung Thai Bank skidded 1.04 percent, PTT perked 0.68 percent, PTT Exploration and Production accelerated 1.97 percent, PTT Global Chemical soared 4.23 percent, Siam Commercial Bank sank 0.70 percent, Siam Concrete collected 0.56 percent, TMB Bank retreated 1.08 percent and BTS Group was unchanged.

The lead from Wall Street is broadly positive as stocks opened higher on Monday and remained firmly in the green throughout the session, sending the NASDAQ and the S&P 500 to fresh record closing highs.

The Dow jumped 378.13 points or 1.35 percent to finish at 28,308.46, while the NASDAQ advanced 67.92 points or 0.60 percent to end at 11,379.72 and the S&P 500 advanced 34.12 points or 1.00 percent to close at 3,431.28.

The strength on Wall Street came following upbeat news on the coronavirus front after the Food and Drug issued an emergency authorization for investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.

Adding to the positive sentiment, a report from the Financial Times said the Trump administration is considering fast-tracking an experimental coronavirus vaccine from the U.K. for use in America ahead of the presidential election.

Oil prices jumped on Monday as the threat of hurricanes in the Caribbean and the Gulf of Mexico brought oil production to a halt. West Texas Intermediate (WTI) crude futures were up 31 cents or 0.72 percent at $42.58 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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