(RTTNews) – The Thai stock market has finished higher in back-to-back sessions, collecting more than a dozen points or 0.7 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,640-point plateau and it’s likely to extend its gains on Monday.
The global forecast for the Asian markets is upbeat is easing concerns for the outlook of interest rates, with technology stocks expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The SET finished modestly higher on Friday following gains from the financial shares and the energy producers.
For the day, the index picked up 5.02 points or 0.31 percent to finish at 1,638.75 after trading between 1,632.66 and 1,646.37. Volume was 22.706 billion shares worth 66.000 billion baht. There were 876 decliners and 865 gainers, with 607 stocks finishing unchanged.
Among the actives, Advanced Info declined 1.80 percent, while Thailand Airport skidded 1.08 percent, Banpu dropped 0.82 percent, Bangkok Bank collected 1.17 percent, Bangkok Dusit Medical tumbled 1.92 percent, Energy Absolute advanced 0.85 percent, Gulf added 0.53 percent, IRPC perked 1.20 percent, Kasikornbank climbed 1.38 percent, Krung Thai Bank and PTT both strengthened 1.35 percent, Krung Thai Card rose 0.41 percent, PTT Exploration and Production soared 3.44 percent, PTT Global Chemical gained 1.06 percent, Siam Commercial Bank gathered 1.37 percent, Siam Concrete was up 0.27 percent, TTB Bank accelerated 1.61 percent and Charoen Pokphand Foods and PTT Oil & Retail were unchanged.
The lead from Wall Street is broadly positive as the major averages opened solidly higher on Friday and picked up steam as the day progressed, finishing sharply higher.
The Dow surged 575.76 points or 1.76 percent to finish at 33,212.96, while the NASDAQ soared 390.43 points or 3.33 percent to end at 12,131.13 and the S&P 500 spiked 100.40 points or 2.47 percent to close at 4,158.24.
For the week, the Dow soared 6.2 percent, the NASDAQ rallied 6.8 percent and the S&P gained 6.6 percent.
The continued strength on Wall Street followed a Commerce Department report showing a slowdown in the pace of core consumer price growth in April. The data contributed to optimism that the Fed will slow the pace of monetary policy tightening in the second half of the year.
Crude oil prices climbed higher on Friday amid rising hopes about increased demand for fuel during the summer season, and the prospect of an EU ban on Russian oil. West Texas Intermediate Crude oil futures for July ended higher by $0.98 or 0.9 percent at $115.07 a barrel.
Closer to home, Thailand will on Monday release April figures for industrial production later today. Industrial output is forecast to rise 1.6 percent on year after slipping 0.1 percent in March.
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