Additional Support Anticipated For Thai Stock Market

(RTTNews) - The Thai stock market bounced higher again on Wednesday, one day after ending the two-day winning streak in which it had risen almost 7 points or 0.5 percent. The Stock Exchange of Thailand now sits just above the 1,470-point plateau and it's got a firm lead again on Thursday.

The global forecast continues to be upbeat on optimism over an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The SET finished sharply higher on Wednesday following gains from the food, finance, property, service and technology sectors.

For the day, the index climbed 22.85 points or 1.58 percent to finish at 1,470.99 after trading between 1,464.28 and 1,477. Volume was 11.683 billion shares worth 82.878 billion baht. There were 343 gainers and 152 decliners, with 154 stocks finishing unchanged.

Among the actives, Advanced Info tanked 2.14 percent, Thailand Airport was up 3.37 percent, Asset World jumped 1.87 percent, Banpu slumped 1.65 percent, Bangkok Bank climbed 1.20 percent, Bangkok Dusit Medical expanded 1.60 percent, Bangkok Expressway advanced 0.95 percent, B. Grimm rallied 2.52 percent, CP All Public elevated 1.65 percent, Energy Absolute surged 5.15 percent, Gulf vaulted 2.11 percent, Kasikornbank improved 0.79 percent, Krung Thai Bank strengthened 1.43 percent, Krung Thai Card soared 3.36 percent, PTT Oil & Retail stumbled 2.29 percent, PTT sank 0.71 percent, PTT Exploration and Production crashed 3.10 percent, PTT Global Chemical tumbled 2.05 percent, SCG Packaging accelerated 4.46 percent, Siam Commercial Bank collected 0.69 percent, Siam Concrete added 0.48 percent, Thai Oil declined 1.54 percent, True Corporation gained 0.69 percent and TTB Bank, Charoen Pokphand Foods and BTS Group were unchanged.

The lead from Wall Street is firm as the major averages opened higher on Wednesday and remained in the green throughout the trading day, although ending off session highs.

The Dow jumped 224.23 points or 0.48 percent to finish at 46,565.74, while the NASDAQ rallied 250.32 points or 1.16 percent to end at 21,840.95 and the S&P 500 gained 46.80 points or 0.72 percent to close at 6,575.32.

The extended the rally on Wall Street came amid optimism about an end to the U.S. war with Iran following the latest comments by President Donald Trump, who said he expects U.S. military forces to leave Iran in "two or three weeks."

The price of crude oil has extended Tuesday's pullback following Trump's comments, with U.S. crude oil futures falling below $100 a barrel.

Crude oil has plummeted on Wednesday after Trump's comments, even if the Strait of Hormuz remains blocked and U.S. goals are not completely met. West Texas Intermediate crude for May delivery was down $1.68 or 1.66 percent at $99.70 per barrel.