Thai stock market expected to open in green

(RTTNews) – The Thai stock market ended a three-day decline on Thursday during which it had lost nearly 30 points or 1.8%. Thailand’s stock market is now just below the 1,670 plateau and should see further support on Friday.

Overall forecasts for Asian markets are optimistic, with support expected in particular from oil and technology stocks. European and American markets were up and Asian markets are expected to open similarly.

The SET ended slightly higher on Thursday after gains in financial stocks and energy producers.

For the day, the index added 5.85 points or 0.35% to end at 1,667.74 after trading between 1,658.47 and 1,669.04. The volume was 22.363 billion shares worth 79.291 billion baht. There were 988 gains and 687 declines, with 540 stocks remaining unchanged.

Among assets, Banpu jumped 5.17%, while Bangkok Dusit Medical fell 1.87%, Bangkok Expressway lost 0.60%, B. Grimm improved 0.78%, Charoen Pokphand Foods rose 0.42%, Energy Absolute strengthened 1.44%, Gulf rose 1.04%, IRPC rallied 1.18%, Kasikornbank climbed 1.32%, Krung Thai Bank climbed 3.40%, Krung Thai Card gained 0.44%, PTT Oil & Retail rose 0.41%, PTT rose 2.05%, PTT Global Chemical accelerated 5.84%, Siam Commercial Bank was down 1.32%, Siam Concrete was up 4.00% and TTB Bank, Bangkok Bank, PTT Exploration and Production and CP All Public were unchanged.

Wall Street’s advance is broadly positive as major averages opened slightly higher on Thursday but accelerated throughout the day, ending near session highs.

The Dow Jones jumped 614.46 points or 1.85% to end at 33,916.39, while the NASDAQ jumped 382.59 points or 3.06% to close at 12,871.53 and the S&P 500 jumped 103.54 points or 2.47% to end at 4,287.50.

Wall Street’s rally came as upbeat earnings news overshadowed a disappointing report on the US economy; results from companies such as Meta (FB), Qualcomm (QCOM), McDonald’s (MCD), Merck (MRK) and Eli Lilly (LLY) led the way.

Meanwhile, traders appeared to ignore a Commerce Department report showing U.S. economic activity unexpectedly contracted in the first quarter of 2022.

Some traders may have interpreted the data as a sign that the Federal Reserve will not raise interest rates as aggressively as currently expected.

Crude oil prices rose on Thursday amid supply concerns over the possible impact of sanctions on Russia’s crude oil production. West Texas Intermediate crude oil futures for June ended up $3.34 or 3.3% at $105.36 a barrel.

Closer to home, Thailand will provide March figures for the current account and its coincident index later today, as well as February figures for retail sales. In February, the current account deficit was $0.7 billion and the coincident index had a score of 129.1. Retail sales jumped 12.7% year-on-year in January.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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