Higher Open Predicted For Thai Stock Market

(RTTNews) - The Thai Stock market on Thursday ended the four-day winning streak in which it had advanced more than 50 points or 3.4 percent. The Stock Exchange of Thailand now sits just beneath the 1,490-point plateau although it's expected see renewed upward movement on Friday.

The global forecast for the Asian markets is cautiously optimistic on hopes for an end to hostilities in the Middle East. The European and U.S. markets were mostly higher and the Asian bourses are expected to open in similar fashion.

The SET finished sharply lower on Thursday following losses from the food, finance, resource and technology sectors.

For the day, the index slumped 17.11 points or 1.14 percent to finish at 1,489.73 after trading between 1,486.61 and 1,510.08. Volume was 9.343 billion shares worth 81.680 billion baht. There were 249 gainers and 193 decliners, with 218 stocks finishing unchanged.

Among the actives, Advanced Info expanded 1.38 percent, while Thailand Airport surged 2.31 percent, Asset World vaulted 1.80 percent, Banpu stumbled 2.56 percent, Bangkok Bank skidded 1.20 percent, Bangkok Expressway dropped 0.94 percent, B. Grimm rallied 2.52 percent, Charoen Pokphand Foods tumbled 1.92 percent, Energy Absolute gained 0.75 percent, Gulf retreated 1.26 percent, Kasikornbank retreated 1.56 percent, Krung Thai Bank plunged 3.03 percent, Krung Thai Card improved 0.86 percent, PTT Oil & Retail sank 0.82 percent, PTT Exploration and Production plunged 4.95 percent, PTT Global Chemical added 0.68 percent, SCG Packaging jumped 1.91 percent, Siam Commercial Bank fell 0.34 percent, Siam Concrete surged 5.14 percent, Thai Oil surrendered 2.13 percent, True Corporation increased 0.70 percent, TTB Bank tanked 2.52 percent and PTT, CP All Public, Bangkok Dusit Medical and BTS Group were unchanged.

The lead from Wall Street is positive as the major averages survived early weakness on Thursday and moved modestly up into the green and remained that way to the close.

The Dow climbed 1.15.00 points or 0.24 percent to finish at 48,578.72. while the NASDAQ added 86.69 points or 0.36 percent to close at a record 24,102.70 and the S&P 500 rose 18.33 points or 0.26 percent to end at 7,041.28, also a record.

Traders continued to express optimism about a second round of peace talks between the U.S. and Iran, although a new meeting has not been officially announced.

Adding to the positive sentiment, President Donald Trump announced in a post on Truth Social that Israel and Lebanon have agreed to a 10-day ceasefire.

In U.S. economic news, the Federal Reserve released a report showing industrial production in the U.S. unexpectedly decreased last month.

Crude oil prices surged on Thursday as concerns of supply disruptions continue despite upcoming peace talks between the U.S. and Iran to end the month-long gulf war. West Texas Intermediate crude for May delivery was up $3.45 or 3.78 percent at $94.74 per barrel.