Thai Stock Market May See Additional Support On Thursday

(RTTNews) - The Thai Stock market on Wednesday halted the three-day slide in which it had slumped more than 20 points or 1.5 percent. The Stock Exchange of Thailand now sits just beneath the 1,530-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is broadly positive, thanks to sinking crude oil prices and support from the technology sectors. The European and U.S. markets were sharply higher on Wednesday and the Asian bourses are expected to follow that lead.

The ST finished modestly higher on Wednesday following gains from the industrial, property, resource and technology companies.

For the day, the index improved 11.74 points or 0.77 percent to finish at 1,528.43 after trading between 1,516.78 and 1,532.03. Volume was 9.617 billion shares worth 59.217 billion baht. There were 243 gainers and 208 decliners, with 207 stocks finishing unchanged.

Among the actives, Advanced Info fell 0.27 percent, while Thailand Airport declined 0.47 percent, Asset World spiked 1.87 percent, Banpu rallied 2.65 percent, Bangkok Bank jumped 1.79 percent, Bangkok Dusit Medical slumped 1.09 percent, Bangkok Expressway tumbled 1.90 percent, CP All Public skidded 1.06 percent, Charoen Pokphand Foods shed 0.53 percent, Energy Absolute increased 0.72 percent, Gulf was down 0.41 percent, Kasikornbank rose 0.25 percent, Krung Thai Card sank 0.86 percent, PTT Oil & Retail improved 0.80 percent, PTT expanded 1.37 percent, PTT Exploration and Production gathered 0.33 percent, SCG Packaging vaulted 1.72 percent, Siam Concrete added 0.44 percent, Thai Oil climbed 1.06 percent, True Corporation lost 0.68 percent, TTB Bank collected 0.86 percent and Krung Thai Bank, Siam Commercial Bank, PTT Global Chemical, B. Grimm and BTS Group were unchanged.

The lead from Wall Street is strong as the major averages opened slightly higher on Wednesday but accelerated throughout the day, ending at session highs.

The Dow spiked 645.47 points or 1.31 percent to finish at 50,009.35, while the NASDAQ jumped 399.65 points or 1.54 percent to end at 26,270.36 and the S&P 500 climbed79.36 points or 7,432.97.

The rally on Wall Street came on a steep drop by treasuries yields, which pulled back sharply, with the yield on the benchmark ten-year note plunging from its highest levels in well over a year.

The sharp drop in crude oil prices also contributed to the rise on Wall Street, thanks to increasing diplomatic measures to secure an agreement to end their hostilities between the United States and Iran. West Texas Intermediate crude for July delivery was down $5.89 or 5.66 percent at $98.26 per barrel.

Optimism about earnings news from Nvidia (NVDA) may also have generated buying interest, as the chipmaker was due to report its first quarter results after the close of trading.

In fact, Nvidia decisively beat expectations on both the top and bottom lines, likely giving the Asian markets a solid boost.