(RTTNews) – The Thai stock market bounced higher again on Thursday, one session after it had ended the eight-day winning streak in which it had advanced more than 30 points or 1.9 percent. The Stock Exchange of Thailand now rests just beneath the 1,660-point plateau although it may tick slightly lower again on Friday.
The global forecast for the Asian markets is murky, thanks to mixed economic data, geopolitical concerns and a bump in crude oil prices. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suit.
The SET finished sharply higher on Thursday following gains from the financial shares and the energy producers.
For the day, the index jumped 16.16 points or 0.98 percent to finish at 1,659.10 after trading between 1,643.80 and 1,661.60. Volume was 11.604 billion shares worth 72.127 billion baht. There were 763 gainers and 534 decliners, with 409 stocks finishing unchanged.
Among the actives, Advanced Info spiked 2.09 percent, while Thailand Airport added 0.88 percent, Banpu climbed 1.79 percent, Bangkok Bank jumped 1.06 percent, Bangkok Medical shed 0.49 percent, Bangkok Expressway soared 2.53 percent, Charoen Pokphand Foods lost 0.93 percent, Kasikornbank surged 3.32 percent, Krung Thai Bank advanced 1.60 percent, PTT perked 1.49 percent, PTT Exploration and Production added 2.59 percent, PTT Global Chemical picked up 0.97 percent, Siam Commercial Bank collected 0.99 percent and Siam Concrete gathered 0.40 percent.
The lead from Wall Street is unclear as stocks moved in opposite directions on Thursday – eventually finishing mixed, with the Dow hitting a fresh record closing high.
The Dow rose 45.30 points or 0.2 percent to 22,203.48, while the NASDAQ slid 31.10 points or 0.5 percent to 6,429.08 and the S&P 500 fell 2.75 points or 0.1 percent to 2,495.62.
In economic news, the Labor Department noted a bigger than expected increase in consumer prices in August. The faster rate of inflation growth has raised concerns about the outlook for the Federal Reserve’s monetary policy.
The Labor Department showed an unexpected pullback in initial jobless claims in the week ended September 9th.
Geopolitical concerns also generated some selling pressure after North Korea threatened to use nuclear weapons to “sink” Japan and reduce the U.S. to “ashes and darkness” for supporting a new round of sanctions by the United Nations.
Crude oil futures briefly surged above $50 a barrel for the first time in a month Thursday, as traders bet on renewed demand from U.S. refineries. October WTI oil gained 59 cents or 1.2 percent to $49.89/bbl, a six-week high.
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