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More Upside Seen For Thai Shares 11 days ago
(RTTNews) - The Thai stock market has finished higher now in two straight sessions, gaining nearly 30 points or 4 percent along the way. The Stock Exchange of Thailand finished just above the 710-point plateau, and now investors are looking for continues gains when the market opens for business on Tuesday.
The global forecast for the Asian markets is firmly positive, thanks to a fresh record high in the price of gold and a modest recovery in the price of oil. Financials, property stocks and telecoms also are expected to provide support. The European and U.S. markets finished solidly higher, and the Asian markets are also tipped to extend recent gains.
The SET finished sharply higher again on Monday, thanks to major gains from the energy sector.
For the day, the index climbed 14.85 points or 2.13 percent to finish at the daily high of 713.48 after dipping as low as 699.44. Volume was 3.056 billion shares worth 20.67 billion baht. There were 281 gainers and 67 decliners, with 109 stocks finishing unchanged.
Among the gainers, energy giant PTT was up 3.70 percent, while PTT Exploration and Production added 1.82 percent, PTT Aromatic surged 5.70 percent, PTT Chemical spiked 7.64 percent, coal producer Banpu gained 2.74 percent and Siam Commercial Bank was up 0.60 percent.
The lead from Wall Street is sharply higher as stocks staged a substantial rally during trading on Monday, with the major averages seeing some further upside after recent gains. With the upward move, the Dow ended the session at its best closing level in over a year.
The strength in the markets was partly due to optimism generated by indications from the G20 finance ministers that their economic stimulus measures will remain in place until the global economic recovery is assured.
With no first tier economic data on the day, traders looked to some corporate news to guide some of their moves.
British chocolate giant Cadbury Plc (CBY) rejected the latest purchase offer from Kraft Foods (KFT), calling the proposal 'derisory' and noting it is worse than a previous offer due to the drop in the Kraft share price since September.
Earlier in the day, Dish Network (DISH) reported third quarter net income of $81 million, compared with $92 million in the corresponding period in 2008. Total revenue was $2.892 billion, down 1.5 percent from $2.937 billion in the year-ago quarter. Nonetheless, the stock rose by 5.2 percent, reaching its highest closing level in over a year.
In other news, defense contractor Northrop Grumman (NOC) announced that it has agreed to sell its advisory services business TASC, Inc. to a consortium led by General Atlantic LLC and affiliates of Kohlberg Kravis Roberts for $1.65 billion in cash. Shares of Northrop Grumman rose 3 percent, also reaching a one-year closing high.
The major averages continued to perform well going into the close, ending the session at or near their best levels of the day. The Dow rose by 203.52 points or 2 percent to 10,226.94, the NASDAQ gained 41.62 points or 2 percent to close at 2,154.06, and the S&P 500 rose by 23.78 points or 2.2 percent at 1,093.08.
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