Higher Open Predicted For Thai Stock Market

The Thai stock market has moved higher in three straight sessions, gathering more than 40 points or 3 percent along the way. The Stock Exchange of Thailand now rests just above the 1,345-point plateau and it's expected to see continued support on Thursday.

The global forecast for the Asian markets is upbeat on optimism for reopening economies and the possibility of further stimulus. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The SET finished modestly higher on Wednesday as gains from the financial shares were limited by weakness from the energy producers.

For the day, the index added 9.02 points or 0.68 percent to finish at 1,345.11 after trading between 1,328.07 and 1,345.53. Volume was 17.859 billion shares worth 78.673 billion baht. There were 726 decliners and 631 gainers, with 370 stocks finishing unchanged.

Among the actives, Thailand Airport soared 3.80 percent, while Asset World shed 0.42 percent, Banpu lost 0.68 percent, Bangkok Bank surged 4.06 percent, Bangkok Dusit Medical spiked 3.77 percent, Bangkok Expressway climbed 1.03 percent, BTS Group dropped 0.83 percent, Charoen Pokphand Foods skyrocketed 7.76 percent, Kasikornbank accelerated 2.55 percent, Krung Thai Bank collected 1.01 percent, PTT sank 0.68 percent, PTT Exploration and Production fell 0.57 percent, PTT Global Chemical tumbled 2.22 percent, Siam Commercial Bank advanced 2.51 percent, Siam Concrete dipped 0.29 percent, TMB Bank was up 3.74 percent and Advanced Info was unchanged.

The lead from Wall Street is firm as stocks moved mostly higher on Wednesday and ended solidly in the green to hit multi-month closing highs.

The Dow surged 553.16 points or 2.21 percent to finish at 25,548.27, while the NASDAQ added 72.14 points or 0.77 percent to end at 9,412.36 and the S&P 500 gained 44.36 points or 1.48 percent to close at 3,036.13.

The strength on Wall Street came as traders continued to express optimism about a quick economic recovery as the country reopens following the coronavirus lockdown.

Adding to the positive sentiment was news that the European Commission plan to launch a massive recovery fund for the euro region to help limit the damage inflicted by the coronavirus pandemic.

Crude oil prices drifted lower on Wednesday as worries about energy demand outlook resurfaced due to rising tensions between the U.S. and China. West Texas Intermediate crude oil futures for July sank $1.54 or 4.5 percent at $32.81 a barrel.