Thai Stock Market Expected To Open In The Green

(RTTNews) - The Thai stock market on Friday wrote a finish to the two-day slide in which it had slipped more than 15 points or 1 percent. The Stock Exchange of Thailand now sits just beneath the 1,570-point plateau and it's expected to see additional support on Monday.

The global forecast for the oversold Asian markets is broadly positive, with the oil, technology and financial sectors expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished modestly higher on Friday following gains from the financial shares and a mixed performance from the energy companies.

For the day, the index advanced 11.15 points or 0.72 percent to finish at 1,568.76 after trading between 1,559.74 and 1,570.62. Volume was 17.720 billion shares worth 65.946 billion baht. There were 799 gainers and 756 decliners, with 598 stocks finishing unchanged.

Among the actives, Advanced Info rallied 2.54 percent, while Thailand Airport improved 1.09 percent, Banpu retreated 1.61 percent, Bangkok Dusit Medical advanced 0.81 percent, Bangkok Expressway added 0.57 percent, B. Grimm spiked 2.10 percent, BTS Group gained 0.60 percent, CP All Public rose 0.42 percent, Charoen Pokphand Foods dropped 0.95 percent, Energy Absolute increased 0.91 percent, Gulf climbed 1.07 percent, Kasikornbank collected 0.34 percent, PTT Oil & Retail gathered 0.97 percent, PTT Exploration and Production fell 0.32 percent, SCG Packaging soared 2.33 percent, Siam Commercial Bank jumped 1.96 percent, Siam Concrete surged 3.55 percent, Thai Oil slumped 1.00 percent, True Corporation perked 0.42 percent and TTB Bank, Asset World, Bangkok Bank, IRPC, Krung Thai Bank, Krung Thai Card, PTT and PTT Global Chemical were unchanged.

The lead from Wall Street is upbeat as the major averages opened sharply higher on Friday and remained that way throughout the trading day.

The Dow surged 823.28 points or 2.68 percent to finish at 31,500.68, while the NASDAQ rallied 375.42 points or 3.34 percent to end at 11,607.62 and the S&P 500 jumped 116.01 points or 3.06 percent to close at 3,911.74.

For the holiday-shortened week, the NASDAQ soared by 7.5 percent, while the S&P 500 and the Dow spiked by 6.4 percent and 5.4 percent, respectively.

Traders continue to express concerns about inflation, interest rates and a potential recession but may feel to sell-off earlier this month was overdone.

On the U.S. economic front, the Commerce Department unexpectedly reported a significant rebound in new home sales in May. Also, the University of Michigan said consumer sentiment in the U.S. tumbled more than expected in June.

Crude oil prices rose sharply on Friday on optimism for continued high demand for energy and tight supply. West Texas Intermediate Crude oil futures for August ended higher by $3.35 or 3.2 percent at $107.62 a barrel. WTI futures shed 1.8 percent in the week.