Win Streak May Continue For Thai Stock Market

The Thai stock market has moved higher in three straight sessions, collecting more than 25 points or 1.7 percent along the way. The Stock Exchange of Thailand now rests just above the 1,630-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is upbeat, rising strong support from crude oil prices. The European markets were mixed and the U.S. bourses were firmly higher and the Asian markets are also tipped to open in the green.

The SET finished modestly higher on Thursday following gains from the financial shares and the energy producers.

For the day, the index gained 11.56 points or 0.71 percent to finish at 1,631.15 after trading between 1,623.00 and 1,637.65. Volume was 43.830 billion shares worth 140.532 billion baht. There were 1,120 decliners and 639 gainers, with 527 stocks finishing unchanged.

Among the actives, Thailand Airport added 0.40 percent, while Bangkok Bank soared 3.52 percent, Bangkok Expressway retreated 1.65 percent, BTS Group gained 0.52 percent, Charoen Pokphand Foods dropped 0.95 percent, Gulf improved 0.61 percent, Kasikornbank surged 7.38 percent, Krung Thai Bank rallied 2.68 percent, Krung Thai Card declined 1.65 percent, PTT perked 1.27 percent, PTT Exploration and Production rose 0.44 percent, PTT Global Chemical advanced 0.83 percent, SCG Packaging climbed 1.19 percent, Siam Commercial Bank skyrocketed 18.72 percent, TTB Bank spiked 3.70 percent and Advanced Info, Bangkok Dusit Medical, PTT Oil & Retail and Siam Concrete were unchanged.

The lead from Wall Street is broadly positive as the major averages opened solidly higher on Thursday and remained in the green throughout the session.

The Dow surged 506.50 points or 1.48 percent to finish at 34,764.82, while the NASDAQ spiked 155.40 points or 1.04 percent to end at 15,052.24 and the S&P 500 jumped 53.34 points or 1.21 percent to close at 4,448.98.

The strength on Wall Street came amid easing concerns about Evergrande after the Chinese property developer reached a settlement with mainland bondholders.

The People’s Bank of China’s infusion of massive capital into the country’s banking system has also eased concerns about a potential default by Evergrande.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly increased for the second straight week in the week ended September 18.

Crude oil futures settled higher on Thursday amid prospects for a surge in energy demand and tighter supplies due to the slow recovery in the restoration of output in the Gulf of Mexico after recent hurricanes. West Texas Intermediate Crude oil futures for November ended up $1.07 or 1.5 percent at $73.30 a barrel.

Closer to home, Thailand will release August figures for imports, exports and trade balance later today. Imports are expected to surge 40.35 percent on year, slowing from 45.95 percent in July. Exports are called higher by an annual 13.5 percent, down from 20.27 percent in the previous month. The trade surplus is pegged at $0.97 billion, up from $0.18 billion a month earlier.