Thai Stock Market Poised To Return On The Upside

(RTTNews) - Ahead of the long holiday weekend in observance of King Maha's birthday, the Thai stock market had rebounded - one session after snapping the four-day winning streak in which it had collected more than 25 points or 1.7 percent. The Stock Exchange of Thailand now rests just above the 1,575-point plateau and it's expected to add to its winnings on Monday.

The global forecast for the Asian markets is upbeat on optimism over corporate earnings, plus support from the energy and technology sectors. The European and U.S. markets were solidly higher and the Asian bourses are tipped to open in similar fashion.

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

For the day, the index surged 23.23 points or 1.50 percent to finish at 1,576.41 after trading between 1,555.64 and 1,576.78. Volume was 17.368 billion shares worth 59.390 billion baht. There were 874 gainers and 692 decliners, with 569 stocks finishing unchanged.

Among the actives, Advanced Info strengthened 1.44 percent, Banpu rallied 2.29 percent, Bangkok Medical jumped 1.90 percent, Bangkok Expressway climbed 1.16 percent, B. Grimm shed 0.65 percent, CP All Public improved 1.24 percent, Charoen Pokphand Foods and Siam Commercial Bank both advanced 1.00 percent, Energy Absolute gathered 0.93 percent, Gulf added 0.53 percent, IRPC gained 0.62 percent, Indorama Ventures lost 0.57 percent, Kasikornbank collected 0.69 percent, Krung Thai Card increased 0.88 percent, PTT perked 0.72 percent, PTT Exploration and Production rose 0.62 percent, PTT Global Chemical accelerated 1.72 percent, Siam Packaging retreated 1.45 percent, Siam Concrete was up 0.81 percent, Thai Oil soared 2.50 percent, True Corporation surged 3.04 percent, TTB Bank improved 0.84 percent and Asset World, Bangkok Bank, BTS, Krung Thai Bank and PTT Oil & Retail were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and accelerated as the day progressed, ending near session highs.

The Dow spiked 315.53 points or 0.97 percent to finish at 32,845.13, while the NASDAQ jumped 228.09 points or 1.88 percent to end at 12,390.69 and the S&P 500 gained 57.86 points or 1.42 percent to close at 4,130.29.

For the week, the NASDAQ spiked 4.7 percent, the S&P climbed 4.3 percent and the Dow gained 3.0 percent. The three-day rally also capped off a strong month for stocks, with the major averages recording their best monthly gains since 2020.

The continued strength on Wall Street reflected a positive reaction to the latest batch of earnings news from big-name companies like Amazon (AMZN) and tech giant Apple (AAPL) - although others like Intel (INTC) and Proctor & Gamble (PG) disappointed.

Crude oil prices rose sharply after the Energy Information Administration said U.S. crude inventories tumbled last week. West Texas Intermediate Crude oil futures for September ended higher by $2.20 or 2.3 percent at $98.62 a barrel. WTI crude futures gained 4.1 percent in the week but fell 6.8 percent in the month.