Shutterstock photo(RTTNews.com) - The Thai stock market has climbed higher in two straight sessions, gathering almost 20 points or 1.2 percent along the way. . The Stock Exchange of Thailand now rests just beneath the 1,710-point plateau although it figures to head south again on Monday.
The global forecast for the Asian markets suggests mild consolidation, with ongoing concerns over tax reform offset by a bump in crude oil prices. The European and U.S. markets were down on Friday and the Asian bourses are expected to open in similar fashion.
The SET finished sharply higher on Friday following gains from the financial shares and the energy producers.
Among the actives, Advanced Info added 0.27 percent, while Thailand Airport climbed 1.75 percent, Bangkok Bank collected 0.26 percent, Bangkok Medical gained 0.93 percent, Charoen Pokphand Foods spiked 2.47 percent, Kasikornbank jumped 1.36 percent, PTT surged 1.95 percent, PTT Global Chemical perked 0.96 percent, Siam Commercial Bank gathered 1.02 percent, Siam Concrete picked up 0.85 percent and PTT Exploration and Production, Krung Thai Bank, Banpu and Bangkok Expressway were unchanged.
The lead from Wall Street is slightly negative as stocks were down Friday amid subdued selling pressure
The Dow slid 100.12 points or 0.43 percent to 23,358.24, while the NASDAQ lost 10.50 points or 0.15 percent to 6,782.79 and the S&P 500 fell 6.79 points or 0.26 percent to 2,578.85. For the week, the NASDAQ rose 0.5 percent, the Dow shed 0.3 percent and the S&P 500 fell 0.1 percent.
The weakness reflected lingering uncertainty about the outlook for Republican tax reform plans. The House approved its tax reform bill, but significant differences with the Senate version could hinder final passage of the legislation.
In economic news, the Commerce Department noted a bigger than expected jump in housing starts in October. Building permits also surged in October.
Oil prices showed a strong move to the upside on Friday, reversing weakness in the previous session. Crude oil for December delivery jumped $1.41 to $56.55 a barrel after dipping $0.19 to $55.14 a barrel on Thursday.
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