Thai Bourse May Challenge Resistance At 1,500 Points

(RTTNews) - The Thai stock market has moved higher in consecutive trading days, advancing more than 30 points or 2.1 percent along the way. The Stock Exchange of Thailand now sits just above the 1,485-point plateau and it's expected to open higher again on Thursday.

The global forecast for the Asian markets is upbeat on news of the two-week ceasefire between the United States and Iran - although the Asian markets have already reacted to this news, so the upside may be more measured than the spikes in the European and U.S. markets.

The SET finished sharply higher on Wednesday following gains from the finance, property, service and technology sectors. For the day, the index jumped 20.60 points or 1.41 percent to finish at 1,485.03 after trading between 1,479.98 and 1,491.26. Volume was 9.161 billion shares worth 66.928 billion baht. There were 346 gainers and 136 decliners, with 170 stocks finishing unchanged. Among the actives, Advanced Info fell 0.27 percent, while Thailand Airport rallied 3.32 percent, Asset World skyrocketed 6.54 percent, Banpu plunged 3.36 percent, Bangkok Bank collected 0.60 percent, Bangkok Dusit Medical gathered 1.06 percent, Bangkok Expressway perked 1.89 percent, B. Grimm surged 6.09 percent, BTS Group was up 2.86 percent, CP All Public soared 4.42 percent, Gulf jumped 2.10 percent, Kasikornbank improved 0.78 percent, Krung Thai Bank gained 0.71 percent, Krung Thai Card spiked 2.48 percent, PTT Oil & Retail expanded 1.60 percent, PTT added 0.72 percent, PTT Exploration and Production cratered 5.63 percent, PTT Global Chemical plunged 3.38 percent, SCG Packaging accelerated 2.42 percent, Siam Commercial Bank climbed 1.04 percent, Siam Concrete strengthened 1.46 percent, Thai Oil rose 1.08 percent, TTB Bank increased 0.86 percent and Charoen Pokphand Foods, True Corporation and Energy Absolute were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher and stayed that way throughout the trading day, ending at session highs.

The Dow surged 1,325.46 points or 2.85 percent to finish at 47,909.92, while the NASDAQ rallied 617.14 points or 2.80 percent to end at 22,634.99 and the S&P 500 jumped 165.96 points or 2.51 percent to close at 6,782.81.

The initial surge on Wall Street came in reaction to news that the U.S., Israel and Iran have agreed to a two-week ceasefire.

President Donald Trump said he has agreed to suspend the bombing and attack of Iran for two weeks subject to Tehran agreeing to the complete and immediate opening of the Strait of Hormuz.

A subsequent statement from Iran's Foreign Minister Abbas Araghchi indicated the Strait of Hormuz will be reopened for a period of two weeks if the attacks against Iran are halted.

Crude oil prices went into a tailspin Wednesday as supply-disruption risks dissipated following a two-week ceasefire agreement between the U.S. and Iran. West Texas Intermediate crude for May delivery was down $18.15 or 16.07 percent at $94.80 per barrel.