Thailand’s stock market could add to its gains on Friday

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(RTTNews) – The Thai stock market on Thursday halted the two-day slide in which it had slipped more than 10 points or 0.6%. Thailand’s stock market is now just below the 1,635-point plateau and is expected to extend its gains on Friday.

The overall outlook for Asian markets is broadly positive, with support expected from technology, retail, oil and airline stocks. European and American markets were up and Asian stock exchanges should follow suit.

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

For the day, the index gained 8.55 points or 0.53% to end at 1,633.73 after trading between 1,629.31 and 1,636.02. The volume was 20.780 billion shares worth 61.370 billion baht. There were 905 gains and 751 declines, with 598 stocks remaining unchanged.

Among assets, Thailand Airport gained 0.72%, while Banpu jumped 3.39%, Bangkok Bank collected 0.79%, Bangkok Dusit Medical plunged 3.70%, CP All Public rose 0.79%, Charoen Pokphand Foods jumped 1.90%, Energy Absolute rose 0.28%. Gulf rose 0.53%, IRPC rose 0.60%, Kasikornbank climbed 1.05%, Krung Thai Bank and PTT both rose 0.68%, Krung Thai Card accelerated 2, 97%, PTT Exploration and Production increased by 2.89%, PTT Global Chemical improved by 1.08%, Siam Commercial Bank increased by 0.92%, TTB Bank gained 0.81% and B. Grimm and PTT Oil & Retail remained unchanged.

Wall Street’s lead is bullish as major averages opened higher on Thursday and gained momentum and the day moved higher, ending near session highs.

The Dow Jones jumped 516.91 points or 1.61% to end at 32,637.10, while the NASDAQ jumped 305.91 points or 2.68% to end at 11,740.65 and the S&P 500 jumped 79.11 points or 1.99% to close at 4,057.84.

Wall Street’s strength came as traders continued to recover stocks to relatively reduced levels after recent weakness.

Adding to the positive sentiment, the Labor Department reported that initial jobless claims in the United States fell more than expected last week.

In other economic news, the Commerce Department said economic activity in the United States fell slightly more than expected in the first quarter of 2022. Additionally, the National Association of Realtors said pending home sales fell much more than expected in April.

Crude oil prices rose sharply on Thursday amid growing signs of tighter supply in the market ahead of the peak of the U.S. driving season which kicks off next week. A weak dollar and the possibility of EU sanctions on Russian oil also contributed to the spike in oil prices. West Texas Intermediate crude oil futures for July ended up $3.76 or 3.4% at $114.09 a barrel.

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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