Continued Rebound Tipped For Thai Stock Market – Markets Insider

(RTTNews) – The Thai stock market on Wednesday halted the three-day slide in which it had given away 7 points or 0.5 percent. The Stock Exchange of Thailand now rests just above the 1,575-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is firm thanks to solid economic and earnings news, plus a bump in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The SET finished slightly higher on Wednesday following mixed performances from the financial shares and the energy producers.

For the day, the index collected 4.33 points or 0.28 percent to finish at 1,575.85 after trading between 1,572.44 and 1,578.06. Volume was 7.333 billion shares worth 36.282 billion baht. There were 555 gainers and 537 decliners, with 448 stocks finishing unchanged.

Among the actives, Advanced Info climbed 1.08 percent, while Thailand Airport jumped 1.55 percent, Banpu spiked 2.48 percent, Bangkok Bank shed 0.81 percent, Charoen Pokphand Foods dropped 0.99 percent, Kasikornbank collected 0.51 percent, Krung Thai Bank gained 0.54 percent, PTT Exploration and Production lost 0.29 percent, PTT Global Chemical advanced 0.36 percent, Siam Commercial Bank fell 0.32 percent, Siam Concrete slid 0.39 percent and PTT, Bangkok Medical and Bangkok Expressway were unchanged.

The lead from Wall Street is upbeat as stocks moved mostly higher on Wednesday, allowing all three major averages to reach new record closing highs.

The Dow rose 66.02 points or 0.3 percent to 21,640.75, while the NASDAQ added 40.74 points or 0.6 percent to 6,385.04 and the S&P gained 13.22 points or 0.5 percent to 2,473.83.

In economic news, the Commerce Department noted a bigger than expected rebound in housing starts in June. It also said that building permits also jumped more than expected.

Upbeat earnings news also contributed, with financial giant Morgan Stanley (MS) posting a strong gain after reporting better than expected second quarter results.

Crude oil futures continued to rise Wednesday, surging above $47 after a surprisingly large drop in U.S. oil inventories. August crude oil rose 66 cents or 1.4 percent to $47.06 a barrel on the New York Mercantile Exchange, its highest in six weeks.

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