(RTTNews) – The Thai stock market has climbed higher in back-to-back trading days, gathering almost 20 points or 1.5 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,370-point plateau and it may extend its gains on Friday.
The global forecast for the Asian markets is cautiously optimistic, with technology stocks expected to push markets into the green. 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 Thursday following gains from the financial shares and a mixed picture from the energy producers.
For the day, the index added 4.83 points or 0.35 percent to finish at 1,369.42 after trading between 1,362.41 and 1,375.02. Volume was 24.215 billion shares worth 82.325 billion baht. There were 797 gainers and 768 decliners, with 483 stocks finishing unchanged.
Among the actives, Advanced Info added 0.57 percent, while Thailand Airport rose 0.37 percent, Bangkok Dusit Medical shed 0.44 percent, BTS Group dropped 0.96 percent, Charoen Pokphand Foods jumped 1.80 percent, IRPC surged 5.84 percent, Kasikornbank spiked 3.17 percent, Krung Thai Bank advanced 0.98 percent, PTT lost 0.66 percent, PTT Exploration and Production sank 0.81 percent, PTT Global Chemical soared 3.86 percent, Siam Commercial Bank collected 2.12 percent, Siam Concrete retreated 1.38 percent, TMB Bank rallied 2.04 percent and Gulf, Asset World, Bangkok Bank and Bangkok Expressway were unchanged.
The lead from Wall Street suggests mild upside as stocks opened lower on Thursday but picked up ground as the day progressed and finally ended in positive territory.
The Dow added 44.81 points or 0.15 percent to finish at 29,483.23, while the NASDAQ jumped 103.11 points or 0.87 percent to end at 11,904.71 and the S&P 500 rose 14.08 points or 0.39 percent to close at 3,581.87.
The gains by the NASDAQ reflected expectations that new lockdowns as a result of the recent spike in coronavirus cases will benefit technology companies, as was seen earlier in the pandemic. Data showed 170,161 new coronavirus cases in the U.S. on Wednesday, while daily deaths hit 1,848.
The recent surge in coronavirus cases has led several states to impose new restrictions and lockdowns, possibly leading more Americans to again relying on tech as they work from home.
The markets also got a boost from comments from Senate Minority Leader Chuck Schumer, D-N.Y., saying Senate Majority Leader Mitch McConnell, R-Ken., has agreed to resume negotiations over a new stimulus bill.
In economic news, the Labor Department said jobless claims unexpectedly spiked last week, while the National Association of Realtors said existing home sales jumped more than expected,
Crude oil futures ended lower on Thursday as rising coronavirus cases in the U.S. and Europe and fresh lockdown measures raised concerns for energy demand. West Texas Intermediate Crude oil futures for December ended down $0.08 or 0.2 percent at $41.74 a barrel.
Closer to home, Thailand will release October numbers for imports, exports and trade balance later today. In September, imports were down 9.08 percent on year and exports fell an annual 3.86 percent for a trade surplus of $2.23 billion.