Overbought Thai Bourse Called Higher On Thursday

(RTTNews) - The Thai stock market has finished higher in back-to-back sessions, soaring more than 60 points or 4.2 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,460-point plateau and it's expected to at least open higher again on Thursday/

The global forecast for the Asian markets is positive on easing oil prices and some optimism for a ceasefire in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished sharply higher on Wednesday following gains from the food, consumer, finance, industrial, property, resource and technology sectors.

For the day, the index surged 47.52 points or 3.37 percent to finish at 1,457.91 after trading between 1,431.18 and 1,461.19. Volume was 10.855 billion shares worth 73.737 billion baht. There were 386 gainers and 109 decliners, with 157 stocks finishing unchanged.

Among the actives, Advanced Info gathered 0.82 percent, while Thailand Airport took off 4.62 percent, Asset World strengthened 2.97 percent, Banpu sank 0.84 percent, Bangkok Bank rose 0.60 percent, Bangkok Dusit Medical increased 1.64 percent, Bangkok Expressway grew 1.96 percent, B. Grimm soared 6.80 percent, BTS Group escalated 1.98 percent, CP All Public picked up 2.25 percent, Charoen Pokphand Foods vaulted 3.13 percent, Energy Absolute rallied 5.56 percent, Gulf expanded 3.17 percent, Kasikornbank collected 1.32 percent, Krung Thai Bank added 0.72 percent, Krung Thai Card accelerated 2.63 percent, PTT Oil & Retail was up 1.79 percent, PTT advanced 1.48 percent, PTT Exploration and Production slumped 1.94 percent, PTT Global Chemical tumbled 2.33 percent, SCG Packaging surged 7.14 percent, Siam Commercial Bank perked 0.34 percent, Siam Concrete spiked 5.74 percent, Thai Oil gained 2.14 percent, True Corporation jumped 2.92 percent and TTB Bank elevated 2.73 percent.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and spent the whole day in the green.

The Dow jumped 305.43 points or 0.66 percent to finish at 46,429.49, while the NASDAQ climbed 167.93 points or 0.77 percent to end at 21.929.83 and the S&P 500 gained 35.53 points or 0.54 percent to close at 6,591.90.

The early strength on Wall Street came amid a sharp pullback by the price of crude oil, with international benchmark Brent crude futures slumping by 1.7 percent after surging in the previous session.

Crude oil prices slumped Wednesday on reports of negotiations to end the war between the U.S. and Iran, easing transport concerns via the Strait of Hormuz. West Texas Intermediate crude for May delivery was down $2.22 or 2.40 percent at $90.13 per barrel.

However, buying interest was partly offset by a report from Iran's state-linked media Fars News Agency claiming Iran will not accept the ceasefire offer from the U.S.

In U.S. economic news, the Labor Department said U.S. import and export prices increased by much more than expected in February.