The Thai stock market rebounded on Thursday, one day after snapping the two-day winning streak in which it had jumped more than 55 points or 3.8 percent. The Stock Exchange of Thailand now sits just beneath the 1,515-point plateau and it’s looking at a red light for Friday’s trade.
The global forecast for the Asian markets suggests consolidation after the markets responded yesterday to the positive catalysts and are now overbought. The European and U.S. markets were up and the Asian bourses are due for profit taking.
The SET finished sharply higher on Thursday following gains from the financials and cement companies, while the energy producers were mixed.
For the day, the index jumped 21.42 points or 1.44 percent to finish at 1,513.78 after trading between 1,502.81 and 1,519.91. Volume was 32.607 billion shares worth 121.326 billion baht. There were 933 gainers and 603 decliners, with 377 stocks finishing unchanged.
Among the actives, Advanced Info added 0.56 percent, while Thailand Airport spiked 2.37 percent, Bangkok Asset Management advanced 0.92 percent, Bangkok Bank rallied 2.46 percent, Bangkok Dusit Medical climbed 1.44 percent, Bangkok Expressway accelerated 2.41 percent, BTS Group soared 5.32 percent, Charoen Pokphand Foods dropped 0.88 percent, Gulf gained 0.69 percent, Kasikornbank jumped 5.15 percent, Krung Thai Bank surged 7.02 percent, Krung Thai Card skyrocketed 14.72 percent, PTT shed 0.58 percent, PTT Exploration and Production lost 0.48 percent, PTT Global Chemical perked 3.32 percent, Siam Commercial Bank improved 4.29 percent, Siam Concrete rose 1.33 percent, TMB Bank spiked 6.96 percent and Asset World was unchanged.
The lead from Wall Street is broadly positive as stocks moved sharply higher on Thursday and reached fresh record closing highs.
The Dow climbed 211.73 points or 0.69 percent to finish at 31,041.13, while the NASDAQ surged 326.69 points or 2.56 percent to end at 13.067.48 and the S&P 500 gained 55.65 points or 1.48 percent to close at 3,803.79.
The strength on Wall Street came as U.S. lawmakers certified President-elect Joe Biden’s victory after the process was delayed by several hours as supporters of President Donald Trump stormed the U.S. Capitol building.
The certification of Biden’s victory along with Democratic victories in Georgia’s Senate runoff elections will give Democrats control of the House, Senate and the White House, which is expected to lead to additional stimulus.
In economic news, the Labor Department noted a modest decrease in first-time claims for U.S. unemployment benefits last week. Also, The Institute for Supply Management said service sector activity in the U.S. unexpectedly grew at a faster pace in December.
Crude oil futures ended higher on Thursday, extending gains to a third straight session, with the recent data showing a drop in stockpiles continuing to support prices. West Texas Intermediate Crude oil futures for February ended up $0.20 or 0.4 percent at $50.83 a barrel.
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