The Thai stock market has moved higher in two straight sessions, gathering almost 20 points or 1.4 percent along the way. The Stock Exchange of Thailand now sits just above the 1,485-point plateau and it's got a green light again for Wednesday's trade.
The global forecast for the Asian remains upbeat on stimulus optimism, earnings news and rising oil prices. The European and U.S. markets were up and the Asian markets are expected to follow that lead.
The SET finished modestly higher on Tuesday following gains from the cement companies, weakness from the financials and a mixed picture from the energy producers.
For the day, the index added 8.20 points or 0.55 percent to finish at 1,486.25 after trading between 1,480.50 and 1,496.46. Volume was 24.140 billion shares worth 77.033 billion baht. There were 807 gainers and 723 decliners, with 419 stocks finishing unchanged.
Among the actives, Advanced Info added 0.58 percent, while Thailand Airport rallied 2.06 percent, Asset World soared 4.41 percent, Bangkok Bank shed 0.44 percent, Bangkok Dusit Medical jumped 1.44 percent, Bangkok Expressway climbed 1.23 percent, BTS Group gained 0.53 percent, Charoen Pokphand Foods dropped 0.90 percent, Gulf spiked 2.26 percent, Kasikornbank lost 0.76 percent, PTT skidded 1.27 percent, PTT Exploration and Production perked 0.47 percent, PTT Global Chemical rose 0.41 percent, Siam Commercial Bank retreated 1.31 percent, Siam Concrete accelerated 2.41 percent, TMB Bank tumbled 1.79 percent and Bangkok Asset Management, Krung Thai Bank and SCG Packaging were unchanged.
The lead from Wall Street is firmly positive as stocks opened higher on Tuesday and remained in the green throughout the session, extending gains from the previous session.
The Dow jumped 475.57 points or 1.57 percent to finish at 30,687.48, while the NASDAQ climbed 209.38 points or 1.56 percent to end at 13,612.78 and the S&P 500 gained 52.45 points or 1.39 percent to close at 3,826.31.
The continued strength on Wall Street came as stocks that recently benefited from the retail trading frenzy moved sharply higher.
The markets also benefited from a positive reaction to the latest earnings news from companies such as Exxon Mobil (XOM) and delivery giant UPS (UPS).
Traders also remain optimistic about more fiscal stimulus after President Joe Biden met with ten Republican Senators who have offered a counterproposal to his $1.9 trillion relief plan, although Democrats figure to move forward with their own plans..
Crude oil prices extended gains on Tuesday as OPEC's move to cut production helped ease worries of excess supply in the market. West Texas Intermediate Crude oil futures for March ended up $1.21 or 2.3 percent at $54.76 a barrel, the highest settlement in more than a year.
Closer to home, The central bank in Thailand will conclude its monetary policy meeting later today and then announce its decision on interest rates. The central bank is widely expected to keep its benchmark lending rate unchanged at 0.50 percent.
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