(RTTNews) – The Thai stock market has moved higher in two of three trading days since the end of the six-day losing streak in which it had dropped more than 40 points or 2.4 percent. The Stock Exchange of Thailand now sits just beneath the 1,640-point plateau and it’s expected to add to its winnings on Monday.
The global forecast for the Asian markets is upbeat supported by optimism for quarterly earnings and crude oil prices. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SET finished slightly higher on Friday following a boost from the properties and mixed performances from the financials and energy producers.
For the day, the index added 5.34 points or 0.33 percent to finish at 1,639.51 after trading between 1,636.70 and 1,646.48. Volume was 24.195 billion shares worth 77.730 billion baht. There were 863 decliners and 848 gainers, with 563 stocks finishing unchanged.
Among the actives, Advanced Info dropped 0.89 percent, while Thailand Airport jumped 1.59 percent, Bangkok Bank sank 0.74 percent, Bangkok Dusit Medical added 0.45 percent, Bangkok Expressway climbed 1.23 percent, CP All Public surged 4.24 percent, Energy Absolute plunged 2.70 percent, Gulf shed 0.51 percent, IRPC lost 0.53 percent, Kasikornbank collected 0.34 percent, Krung Thai Bank retreated 1.43 percent, Krung Thai Card fell 0.42 percent, Land & Houses skyrocketed 5.32 percent, PTT Oil & Retail rose 0.41 percent, PTT Exploration and Production gained 0.79 percent, PTT Global Chemical slid 0.44 percent, Siam Concrete dipped 0.26 percent, True Corporation skidded 1.20 percent, TTB Bank declined 0.73 percent and Asset World, Banpu, BTS Group, Charoen Pokphand Foods, PTT, SCG Packaging and Siam Commercial Bank were unchanged.
The lead from Wall Street is solidly positive as the major averages shook off a soft start on Friday and used a late-day rally to finish sharply higher.
The Dow surged 564.67 points or 1.65 percent to finish at 34,725.47, while the NASDAQ spiked 417.77 points or 3.13 percent to close at 13,770.57 and the S&P 500 jumped 105.34 points or 2.43 percent to end at 4,431.85. For the week, the Dow added 1.3 percent, the S&P added 0.8 percent and the NASDAQ rose 0.1 percent.
The rebound over the course of the trading day reflected bargain hunting, with the NASDAQ and the S&P 500 bouncing off multi-month closing lows. Tech giant Apple (AAPL) and credit card giant Visa (V) led the way with solid quarterly results.
Traders were also digesting a report from the Commerce Department showing core consumer price growth accelerated to a nearly 40-year high of 4.9 percent in December, while personal spending fell by 0.6 percent.
Crude oil futures settled modestly higher Friday, with prices climbing amid supply concerns. Geopolitical issues and limited output increases by major crude producers amid a surge in fuel demand contributed to the uptick in oil prices.
West Texas Intermediate Crude oil futures for March ended higher by $0.21 or 0.2 percent at $88.82 a barrel. WTI futures, which rose to the highest level in over seven years, gained about 2 percent in the week.
Closer to home, Thailand will release December results for its industrial production, current account and coincident index later today. In November, industrial production was up an annual 4.84 percent, while the current account surplus was $0.3 billion, while the coincident score was 127.5.
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