Thai Stock Markey May See Additional Support On Thursday

(RTTNews) - The Thai stock market bounced higher again on Wednesday, one session after it had halted the four-day winning streak in which it had advanced more than 25 points or 1.7 percent. The Stock Exchange of Thailand now rests just beneath the 1,675-point plateau and it's expected to add to its winnings on Thursday.

The global forecast for the Asian markets is positive on optimism for a resolution in the trade wat between the United States and China. The European and U.S. markets were up and the Asian bourses are predicted to follow that lead.

The SET finished modestly higher on Wednesday following gains from the financial shares and the energy producers.

For the day, the index added 8.10 points or 0.49 percent to finish at 1,674.03 after trading between 1,661.66 and 1,674.73. Volume was 19.837 billion shares worth 71.227 billion baht. There were 855 decliners and 771 gainers, with 376 stocks finishing unchanged.

Among the actives, Advanced Info added 0.44 percent, while Banpu tumbled 1.56 percent, Bangkok Bank soared 3.80 percent, Bangkok Medical advanced 0.82 percent, Bangkok Expressway dropped 0.88 percent, BTS Group plunged 2.19 percent, Charoen Pokphand Foods spiked 2.70 percent, Kasikornbank jumped 2.11 percent, Krung Thai Bank accelerated 3.49 percent, PTT rose 0.55 percent, PTT Exploration and Production sank 0.80 percent, PTT Global Chemical accelerated 3.27 percent, Siam Commercial Bank skyrocketed 5.13 percent, Siam Concrete climbed 2.83 percent, TMB Bank soared 8.97 percent and Thailand Airport was unchanged.

The lead from Wall Street is firm as stocks opened higher on Wednesday and continued to rise as the day progressed, sending the major averages to their best closing levels in a month.

The Dow added 227.61 points or 0.85 percent to 27,137.04, while the NASDAQ spiked 85.52 points or 1.06 percent to 8,169.68 and the S&P 500 rose 21.54 points or 0.72 percent to 3,000.93.

The strength on Wall Street came following news that China is granting tariff exemptions for 16 types of American-made products as a sign of goodwill ahead of the next round of trade talks.

Stocks also benefited from optimism about new global stimulus ahead of the European Central Bank's monetary policy decision later today as well as next week's Federal Reserve meeting.

Crude oil prices declined sharply Wednesday on a downward revision in OPEC's oil demand forecast and speculation that the U.S. may ease sanctions on Iran. West Texas Intermediate Crude oil futures for October ended down $1.65 or 2.9 percent at $55.75 a barrel, the lowest settlement since September 3.

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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