Additional Support Anticipated For Thai Stock Market

(RTTNews) – The Thai stock market on Wednesday halted the three-day losing streak in which it had tumbled more than 75 points or 4.7 percent. The Stock Exchange of Thailand now sits just beneath the 1,645-point plateau and it may add to its winnings on Thursday.

The global forecast is broadly positive on bargain hunting and easing inflation concerns after crude oil prices retreated sharply. The European and U.S. markets were firmly higher and the Asian bourses are tipped to open in similar fashion.

The SET finished sharply higher on Wednesday with gains across the board after days of heavy selling, particularly among the financials and technology stocks.

For the day, the index jumped 24.54 points or 1.52 percent to finish at 1,643.64 after trading between 1,610.34 and 1,643.87. Volume was 34.128 billion shares worth 115.051 billion baht. There were 1,513 gainers and 473 decliners, with 413 stocks finishing unchanged.

Among the actives, Advanced Info accelerated 2.65 percent, while Thailand Airport rallied 2.39 percent, Asset World strengthened 1.69 percent, Bangkok Bank jumped 1.89 percent, Bangkok Dusit Medical rose 0.41 percent, Bangkok Expressway climbed 1.78 percent, BTS Group advanced 1.10 percent, Com7 skyrocketed 7.72 percent, CP All Public perked 0.38 percent, Charoen Pokphand Foods spiked 2.59 percent, Energy Absolute improved 1.81 percent, Gulf gathered 1.60 percent, IRPC added 0.56 percent, Kasikornbank increased 2.24 percent, Krung Thai Bank collected 1.50 percent, PTT Oil & Retail gained 0.81 percent, PTT was up 1.31 percent, PTT Exploration and Production plummeted 4.26 percent, SCG Packaging advanced 0.92 percent, Siam Commercial Bank jumped 1.75 percent, Siam Concrete added 0.54 percent, True Corporation rose 0.40 percent, TTB Bank climbed 1.55 percent and Banpu and PTT Global Chemical were unchanged.

The lead from Wall Street is upbeat as the major averages opened sharply higher on Wednesday and stayed that way throughout the session.

The Dow surged 653.61 points or 2.00 percent to finish at 33,286.25, while the NASDAQ spiked 459.99 points or 3.59 percent to end at 13,255.55 and the S&P 500 soared 107.18 points or 2.57 percent to close at 4,277.88.

A pullback by commodities prices contributed to the rebound on Wall Street, as the recent surge in prices had led to worries about even higher inflation.

Oil prices plunged sharply on Wednesday, a day after recording their highest close in 14 years, after analysts said the U.S. and U.K. ban on Russian oil imports will be far less disruptive to global markets than a full international embargo. West Texas Intermediate Crude oil futures for April ended down by $15 or 12.1 percent at $108.70 a barrel.

The markets also benefited from bargain hunting, as traders looked to pick up stocks at reduced levels following the recent weakness.

Closer to home, Thailand will see February results for its consumer confidence index later today; in January, the index had a score of 44.8.

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

Jinggo B Danuarta

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