Thai Stock Market Poised To Crack Resistance At 1,500 Points

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(RTTNews) – The Thai stock market has moved higher in two straight sessions, gathering nearly 15 points or 1 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,500-point plateau and it’s tipped to extend its winning streak on Monday.

The global forecast for the Asian markets is upbeat on good economic data, solid earnings news and an uptick in the price of crude oil. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished modestly higher on Friday following strong support from the financials and more modest upside from the energy producers.

For the day, the index gained 13.63 points or 0.92 percent to finish at 1,496.61 after trading between 1,488.73 and 1,498.35. Volume was 26.631 billion shares worth 79.352 billion baht. There were 818 gainers and 715 decliners, with 460 stocks finishing unchanged.

Among the actives, Thailand Airport spiked 4.07 percent, while Asset World rallied 3.66 percent, Bangkok Asset Management soared 4.33 percent, Bangkok Bank jumped 2.07 percent, Bangkok Dusit Medical advanced 0.97 percent, Bangkok Expressway shed 0.62 percent, Charoen Pokphand Foods gained 0.93 percent, Gulf tumbled 1.50 percent, Kasikornbank collected 2.22 percent, Krung Thai Bank improved 2.52 percent, PTT perked 1.96 percent, Siam Commercial Bank climbed 2.84 percent, Siam Concrete fell 0.27 percent, SCG Packaging slid 0.53 percent, TMB Bank added 2.68 percent and PTT Exploration and Production, PTT Global Chemical, Advanced Info and BTS Group were unchanged.

The lead from Wall Street is solid as stocks opened higher on Friday and largely remained that way, extending recent gains.

The Dow added 92.38 points or 0.30 percent to finish at 31,148.24, while the NASDAQ gained 78.55 points or 0.57 percent to end at 13,856.30 and the S&P 500 rose 15.09 points or 0.39 percent to close at 3,886.83. For the week, the Dow added 3.9 percent, the NASDAQ surged 6 percent and the S&P spiked 4.6 percent.

The continued strength on Wall Street came after the Labor Department reported a modest rebound in employment in January.

Traders may see the uptick in employment as a goldilocks situation as the modest increase offsets concerns of a prolonged slump but also suggests the economy could benefit from more fiscal stimulus.

The markets continued to benefit from upbeat news on the earnings front, with Ford (F), Estée Lauder (EL), Activision Blizzard (ATVI) and Gilead Sciences (GILD) all moving higher after reporting their quarterly results.

Crude oil prices moved higher on Friday on hopes energy demand will increase as the vaccination drive picks up momentum, and on output cuts by the oil cartel. West Texas Intermediate Crude oil futures for March ended higher by $0.62 or 1.1 percent at $56.85 a barrel.