The Thai stock market has climbed higher in three straight sessions, advancing more than 40 points or 2.5 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,6425-point plateau and it's called higher again on Wednesday.
The global forecast for the Asian is firm on optimism ahead of earnings season and a bump in crude oil prices. The European and U.S. markets were up and the Asian markets should follow suit.
The SET finished sharply higher on Tuesday following gains from the financial shares, energy producers and cement stocks.
For the day, the index jumped 20.64 points or 1.27 percent to finish at 1,643.60 after trading between 1,617.51 and 1,643.76. Volume was 13.393 billion shares worth 53.429 billion baht. There were 807 gainers and 428 decliners, with 392 stocks finishing unchanged.
Among the actives, Advanced Info shed 0.25 percent, while Thailand Airport skidded 1.50 percent, Banpu spiked 1.99 percent, Bangkok Bank added 0.25 percent, Bangkok Medical advanced 0.97 percent, Beauty Community surged 4.83 percent, Bangkok Expressway climbed 1.27 percent, Charoen Pokphand Foods gained 0.99 percent, Kasikornbank perked 1.03 percent, Krung Thai Bank collected 1.15 percent, PTT jumped 3.72 percent, PTT Exploration and Production soared 3.36 percent, PTT Global Chemical surged 6.12 percent, Siam Commercial Bank added 0.41 percent and Siam Concrete gathered 2.40 percent.
The lead from Wall Street is upbeat as stocks saw further upside on Tuesday as the S&P 500 reached its best closing level in five months.
The Dow jumped 143.07 points or 0.58 percent to 24,919.66, while the NASDAQ added 3.00 points or 0.04 percent to 7,759.20 and the S&P 500 rose 9.67 points or 0.35 percent to 2,793.84.
The continued strength came as optimism about the upcoming earnings season overshadowed recent trade concerns.
Beverage giant PepsiCo (PEP) released its second quarter results with earnings that beat the street. Financial giants Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC) are due to report results on Friday.
Oil service stocks showed a strong move to the upside, driving the Philadelphia Oil Service Index up by 1.1 percent. Th at support came amid an increase in the price of crude oil for August delivery, which rose $0.26 to $74.11 a barrel.
by P2PNews Staff Writer