(RTTNews) - The Thai stock market has finished higher in five straight trading days, advancing more than 35 points or 2.5 percent along the way. The Stock Exchange of Thailand now sits just above the 1,550-point plateau and it may add to its winnings on Wednesday.
The global forecast for the Asian markets is mixed to higher, thanks to support from technology stocks and easing crude oil prices. The European and U.S. markets were mixed and the Asian bourses are expected to follow suit.
The SET finished slightly higher again on Tuesday as gains from the finance and technology sectors were offset by weakness among the resource, service and industrial stocks.
For the day, the index rose 3.03 points or 0.20 percent to finish at 1,553.36 after trading between 1,547.86 and 1,563.42. Volume was 9.742 billion shares worth 58.368 billion baht. There were 267 decliners and 182 gainers, with 211 stocks finishing unchanged.
Among the actives, Advanced Info fell 0.28 percent, while Thailand Airport was down 0.46 percent, Asset World tumbled 2.56 percent, Banpu surrendered 2.52 percent, Bangkok Bank rallied 2.66 percent, Bangkok Dusit Medical gained 0.55 percent, B. Grimm contracted 2.16 percent, BTS Group gave up 0.97 percent, CP All Public stumbled 1.60 percent, Energy Absolute added 0.62 percent, Gulf lost 0.40 percent, Kasikornbank climbed 1.02 percent, Krung Thai Card sank 0.84 percent. PTT Oil & Retail slumped 0.79 percent, PTT dropped 0.68 percent, PTT Exploration and Production weakened 1.38 percent, PTT Global Chemical retreated 1.38 percent, SCG Packaging tanked 2.46 percent, Siam Commercial Bank collected 0.75 percent, Siam Concrete jumped 1.76 percent, Thai Oil skidded 1.08 percent, True Corporation shed 0.72 percent, TTB Bank improved 0.85 percent and Charoen Pokphand Foods, Krung Thai Bank and Bangkok Expressway were unchanged.
The lead from Wall Street lacks clarity as the major averages opened higher, although the Dow quickly fell into the red and stayed that was for the balance of the session.
The Dow slumped 118.02 points or 0.23 percent to finish at 50,461.68, while the NASDAQ jumped 312.21 points or 1.19 percent to close at 26,656.18 and the S&P 500 gained 45.65 points or 0.61 percent to end at 7,519.12.
The jump by the tech-heavy NASDAQ came amid a sharp increase by shares of Micron Technology (MU) after UBS dramatically increased its price target on the company's stock.
Semiconductor stocks showed a substantial move to the upside, driving the Philadelphia Semiconductor Index up by 5.5 percent to a record closing high. Considerable strength was also visible among airline stocks,
In U.S. economic news, a report released by the Conference Board showed a modest deterioration in consumer confidence in the month of May.
Crude oil prices tumbled on Tuesday on optimism that a U.S.-Iran peace deal could soon lead to the reopening of the Strait of Hormuz. West Texas Intermediate crude for July delivery was down $2.72 or 2.82 percent at $93.88 per barrel.
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