(RTTNews) - The Thai stock market has moved higher in three straight sessions, advancing almost 30 points or 2.1 percent in that span. The Stock Exchange of Thailand now rests just above the 1,415-point plateau although it may spin its wheels on Monday.
The global forecast for the Asian markets remains upbeat on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.
The SET finished barely higher on Friday as gains from the food, service and finance shares were capped by weakness from the industrial, technology and energy companies.
For the day, the index perked 0.44 points or 0.03 percent to finish at 1,415.78 after trading between 1,406.21 and 1,422.68. Volume was 12.245 billion shares worth 45.616 billion baht. There were 297 gainers and 166 decliners, with 176 stocks finishing unchanged.
Among the actives, Thailand Airport gathered 0.36 percent, while Bangkok Bank collected 0.33 percent, Bangkok Dusit Medical slumped 0.93 percent, Bangkok Expressway spiked 1.88 percent, B. Grimm soared 2.94 percent, CP All Public declined 0.87 percent, Charoen Pokphand Foods climbed 1.08 percent, Energy Absolute gained 0.53 percent, Gulf shed 0.53 percent, Kasikornbank improved 0.76 percent, Krung Thai Card plummeted 3.17 percent, PTT Oil & Retail increased 0.51 percent, PTT lost 0.72 percent, PTT Exploration and Production tumbled 1.86 percent, PTT Global Chemical retreated 1.30 percent, SCG Packaging sank 0.66 percent, Siam Commercial Bank added 0.51 percent, Siam Concrete rose 0.34 percent, Thai Oil dropped 0.99 percent, True Corporation jumped 1.67 percent, TTB Bank stumbled 1.26 percent and Krung Thai Bank, Asset World, Advanced Info, Banpu and BTS Group were unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened lower on Friday but broke into the green by midday and finished with mild gains.
The Dow rose 1.78 points or 0.01 percent to finish at 34,947.28, while the NASDAQ added 11.78 points or 0.08 percent to close at 14,125.48 and the S&P 500 gained 5.78 points or 0.13 percent to end at 4,514.02.
For the week, the NASDAQ surged 2.4 percent, the S&P jumped 2.2 percent and the Row rallied 1.9 percent.
Optimism about the outlook for interest rates has contributed to the recent advance, as the latest data has shown signs of easing inflation.
In economic news, the Commerce Department released a report showing an unexpected increase in new residential construction and building permits in October.
Crude oil futures spiked on Friday, but the most active futures contract still posted its fourth straight weekly loss amid concerns about the outlook for near term energy demand. West Texas Intermediate Crude oil futures for December jumped $2.99 or 4.1 percent at $75.89 a barrel. WTI crude futures shed 4 percent in the week.
Closer to home, Thailand will see Q3 figures for gross domestic product later today; in the three months prior, GDP was up 0.2 percent on quarter and 1.8 percent on year.
