(RTTNews) – The Thai stock market has finished higher in three straight sessions, gathering more than 45 points or 2.7 percent along the way. The Stock Exchange of Thailand now rests just above the 1,670-point plateau although investors may cash in on Monday.
The global forecast for the Asian markets is flat to lower amid concerns over interest rates and stalled crude oil prices. The European and U.S. markets were slightly lower Friday and the Asian markets figure to follow suit.
The SET finished sharply higher on Friday following gains from the financial shares and the energy producers.
For the day, the index jumped 24.17 points or 1.47 percent to finish at 1,671.06 after trading between 1,674.32 and 1,648.44. Volume was 15.743 billion shares worth 67.269 billion baht. There were 891 gainers and 475 decliners, with 409 stocks finishing unchanged.
Among the actives, Advanced Info added 0.76 percent, while Thailand Airport spiked 1.98 percent, Banpu soared 2.45 percent, Bangkok Bank jumped 2.33 percent, Beauty Community skidded 1.28 percent, Charoen Pokphand Foods surged 3.88 percent, Kasikornbank skyrocketed 5.79 percent, PTT advanced 4.04 percent, PTT Exploration and Production climbed 1.91 percent, PTT Global Chemical perked 2.92 percent, Siam Commercial Bank soared 4.35 percent, Siam Concrete shed 0.47 percent and Bangkok Medical and Bangkok Expressway were unchanged.
The lead from Wall Street is slightly soft as stocks opened higher Friday but faded throughout the day and finished in the red – extending losses from the previous session.
The Dow shed 6.38 points or 0.03 percent to 25,058.12, the NASDAQ lost 5.10 points or 0.07 percent to 7,820.20 and the S&P 500 dipped 2.66 points or 0.09 percent to 2,801.83. For the week, the NASDAQ eased 0.1 percent, the S&P 500 added 0.01 percent and the Dow rose 0.2 percent.
The lower close on Wall Street came after President Donald Trump continued to urge the Federal Reserve to refrain from raising interest rates. Trump said the Fed’s plan to gradually raise rates could hurt recent economic progress, and the rate hikes would penalize the U.S. for doing well.
The modest strength earlier in the day came amid a positive reaction to earnings news from big-name companies like Microsoft (MSFT), industrial conglomerate Honeywell (HON) and General Electric (GE).
Most of the major sectors saw only modest moves. Housing, oil service and real estate stocks moved to the downside, while tobacco stocks continued to recover from the sell-off in the previous session.
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