(RTTNews) – The Thai stock market has climbed higher in back-to-back trading days, gathering almost 20 points or 1.2 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,625-point plateau and it’s poised to extend its gains on Wednesday.
The global forecast for the Asian markets is solid, with energy stocks expected to lead the markets higher. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The SET finished modestly higher on Tuesday following gains from the energy producers and a mixed picture from the financial shares.
For the day, the index gained 9.76 points or 0.60 percent to finish at 1,624.24 after trading between 1,611.42 and 1,626.44. Volume was 32.669 billion shares worth 88.969 billion baht. There were 873 decliners and 824 gainers, with 542 stocks finishing unchanged.
Among the actives, Advanced Info added 0.77 percent, while Thailand Airport rallied 2.39 percent, Bangkok Bank shed 0.43 percent, Bangkok Dusit Medical lost 0.44 percent, Bangkok Expressway climbed 1.14 percent, BTS Group advanced 1.06 percent, Gulf soared 2.89 percent, Kasikornbank collected 0.36 percent, Krung Thai Card jumped 1.36 percent, PTT Oil & Retail gained 0.91 percent, PTT spiked 1.92 percent, PTT Exploration and Production perked 0.84 percent, PTT Global Chemical gathered 0.78 percent, SCG Packaging accelerated 2.44 percent, Siam Commercial Bank sank 0.81 percent and TTB Bank, Charoen Pokphand Foods, Krung Thai Bank and Siam Concrete were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and continued to pick up steam as the day progressed, ending solidly in the green.
The Dow surged 311.75 points or 0.92 percent to finish at 34,314.67, while the NASDAQ jumped 178.35 points or 1.25 percent to close at 14,433.83 and the S&P 500 climbed 45.26 points or 1.05 percent to end at 4,345.72.
The rally on Wall Street came as traders looked to pick up stocks at reduced levels following Monday’s sell-off.
In economic news, the Institute for Supply said activity in the U.S. service sector unexpectedly accelerated in September. Also, the Commerce Department said the U.S. trade deficit widened more than expected in August.
Crude oil prices advanced Tuesday, extending recent gains after OPEC decided to stick to its plan of gradually raising crude production. West Texas Intermediate Crude oil futures for November gained $1.31 or 1.7 percent at $78.93 a barrel, a fresh seven-year high.