Thai Shares Due For Consolidation On Friday

(RTTNews) - The Thai stock market has moved higher in three straight sessions, adding more than 45 points or 3.2 percent in that span. The Stock Exchange of Thailand now sits just beneath the 1,430-point plateau although investors may lock in gains on Friday.

The global forecast for the Asian markets remains negative on surging oil prices and raging war in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

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

For the day, the index jumped 22.46 points or 1.60 percent to finish at the daily high of 1,429.80 after moving as low as 1,396.85. Volume was 10.215 billion shares worth 64.496 billion baht. There were 331 gainers and 137 decliners, with 176 stocks finishing unchanged.

Among the actives, Advanced Info strengthened 2.22 percent, while Thailand Airport dropped 0.98 percent, Asset World improved 0.97 percent, Banpu skyrocketed 5.26 percent, Bangkok Bank advanced 0.90 percent, Bangkok Expressway picked up 2.83 percent, B. Grimm expanded 1.72 percent, BTS Group perked 1.94 percent, CP All Public gathered 1.07 percent, Charoen Pokphand Foods vaulted 1.60 percent, Energy Absolute added 0.75 percent, Gulf climbed 3.21 percent, Kasikornbank fell 0.26 percent, Krung Thai Bank spiked 2.19 percent, Krung Thai Card soared 3.48 percent, PTT Oil & Retail elevated 1.80 percent, PTT gained 4.48 percent, PTT Exploration and Production rose 0.70 percent, PTT Global Chemical surged 5.61 percent, SCG Packaging jumped 2.29 percent, Siam Commercial Bank shed 0.35 percent, Siam Concrete accelerated 3.43 percent, Thai Oil was up 4.76 percent, True Corporation rallied 3.05 percent, TTB Bank collected 0.91 percent and Bangkok Dusit Medical was unchanged.

The lead from Wall Street is weak as the major averages opened firmly in the red and remained under water throughout the session, ending at daily lows.

The Dow tumbled 739.42 points or 1.56 percent to finish at 46,677.85, while the NASDAQ plunged 404.15 points or 1.78 percent to end at 22,311.98 and the S&P 500 slumped 103.18 points or 1.52 percent to close at 6,672.62.

The sell-off on Wall Street came amid another sharp increase by the price of crude oil, as oil prices further offset the nosedive seen on Tuesday.

Crude oil prices surged on Thursday after the new leadership in Iran refused to bow down to U.S. pressure in the raging Middle East war and instead vowed revenge. West Texas Intermediate crude for April delivery was up $7.45 or 8.54 percent at $94.70 per barrel.

The extended rebound by the price of crude oil came amid reports three more foreign ships were struck in the Persian Gulf overnight, adding to concerns about transit through the strategically vital Strait of Hormuz.

In U.S. economic news, the Labor Department said first-time claims for U.S. unemployment benefits edged slightly lower last week.