Thai Stock Market May Test Resistance At 1,500 Points

(RTTNews) - The Thai stock market has moved higher in three straight sessions, advancing more than 35 points or 2.4 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,490-point plateau and it may see additional support on Friday.

The global forecast for the Asian markets comes on cautious optimism for easing hostilities in the Middle East. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The SET finished slightly higher on Thursday following gains from the technology stocks and a mixed picture from the industrials, while the financials and energy sectors were soft.

For the day, the index perked 4.63 points or 0.31 percent to finish at 1,489.66 after trading between 1,482.12 and 1,495.42. Volume was 7.690 billion shares worth 63.413 billion baht. There were 340 decliners and 130 gainers, with 181 stocks finishing unchanged.

Among the actives, Advanced Info dipped 0.28 percent, while Thailand Airport gained 0.46 percent, Asset World cratered 2.63 percent, Banpu rallied 2.61 percent, Bangkok Bank shed 0.60 percent, Bangkok Dusit Medical retreated 1.57 percent, Bangkok Expressway stumbled 2.78 percent, B. Grimm crashed 3.28 percent, BTS Group slumped 1.85 percent, Charoen Pokphand Foods dropped 0.96 percent, Energy Absolute tumbled 2.24 percent, Gulf surrendered 2.88 percent, Kasikornbank skidded 1.04 percent, Krung Thai Bank sank 0.70 percent, Krung Thai Card tanked 2.42 percent, PTT Oil & Retail plunged 4.72 percent, PTT jumped 1.33 percent, PTT Exploration and Production rose 0.33 percent, PTT Global Chemical improved 0.70 percent, SCG Packaging plummeted 5.19 percent, Siam Commercial Bank skidded 1.03 percent, Siam Concrete added 0.48 percent, Thai Oil spiked 2.13 percent, TTB Bank collected 0.85 percent and True Corporation and CP All Public were unchanged.

The lead from Wall Street ends up positive as the major averages shook off early weakness on Thursday to climb solidly up into the green by midday.

The Dow jumped 275.88 points or 0.58 percent to finish at 48,185.80, while the NASDAQ rallied 187.42 points or 0.83 percent to end at 22,822.42 and the S&P 500 gained 41.85 points or 0.62 percent to close at 6,824.66.

The early weakness came amid concerns about the fragility of the ceasefire in the Middle East, with Iran accusing the U.S. and Israel of violating the agreement.

Iran's deputy foreign minister Saeed Khatibzadeh claimed in an interview with the BBC that Iran had once again closed the Strait of Hormuz.

However, stocks rebounded after Israeli Prime Minister Benjamin Netanyahu said Israel would begin negotiating with Lebanon "as soon as possible."

Crude oil prices soared on Thursday as Iran allowed only restricted naval traffic through the Strait of Hormuz, renewing supply disruption concerns. West Texas Intermediate crude for May delivery was up $3.25 or 3.44 percent at $97.66 per barrel.