Additional Support Expected For Thai Stock Market

The Thai stock market has moved higher in back-to-back sessions, collecting more than 25 points or 2 percent along the way. The Stock Exchange of Thailand now rests just above the 1,260-point plateau and it’s likely to move higher again on Friday.

The global forecast for the Asian markets is cautiously optimistic, although any upside is likely to be capped by profit taking and slumping oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished sharply higher on Thursday following gains from the food, industrial, property, resource, service and technology sectors.

For the day, the index climbed 17.09 points or 1.37 percent to finish at 1,261.39 after trading between 1,236.86 and 1,262.83. Volume was 7.864 billion shares worth 44.226 billion baht. There were 352 gainers and 133 decliners, with 176 stocks finishing unchanged.

Among the actives, Advanced Info rose 0.30 percent, while Thailand Airport added 0.49 percent, Asset World accelerated 2.59 percent, Banpu advanced 0.96 percent, Bangkok Dusit Medical gained 2.78 percent, Bangkok Expressway was up 0.95 percent, B. Grimm soared 3.01 percent, BTS Group climbed 4.90 percent, CP All Public improved 1.81 percent, Charoen Pokphand Foods rallied 2.37 percent, Energy Absolute vaulted 3.03 percent, Kasikornbank fell 0.26 percent, Krung Thai Card skyrocketed 7.86 percent, PTT Oil & Retail strengthened 1.48 percent, PTT Exploration and Production expanded 1.32 percent, PTT Global Chemical soared 3.56 percent, SCG Packaging exploded for 7.89 percent, Siam Commercial Bank skidded 1.07 percent, Siam Concrete spiked 2.97 percent, Thai Oil jumped 3.25 percent and True Corporation, TTB Bank, Bangkok Bank, Krung Thai Bank, Gulf and PTT were unchanged.

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

The Dow jumped 292.81 points or 0.60 percent to finish at 49,442.44, while the NASDAQ added 58.27 points or 0.25 percent to close at 23,530.02 and the S&P 500 rose 17.87 points or 0.26 percent to end at 6,944.47.

The early strength on Wall Street reflected a positive reaction to earnings news from Taiwan Semiconductor (TSM), with the chipmaker surging by 4.4 percent.

Taiwan Semiconductor jumped after reporting a sharp increase in fourth quarter profits and announced larger-than-expected capital spending plans, contributing to renewed confidence in the artificial intelligence trade.

Positive sentiment may also have been generated by a Labor Department report showing first-time claims for U.S. unemployment benefits unexpectedly dipped last week.

Crude oil prices plummeted on Thursday as the potential for a U.S.-Iran confrontation diminished for the time being. West Texas Intermediate crude for February delivery was down $2.83 or 4.56 percent at $59.19 per barrel.