Thailand joins Asian rally
Play
The Stock Exchange of Thailand index hit 1,500 points in the morning session, joining the regional bourses' rally.
The SET index stayed at 1,500.70 at noon. It was last seen above 1,500 points in July 2013. It closed at 1,501.36 points on July 24.
At the close, the gain narrowed to 2.62 points or 0.18 per cent, pushing the index to end the day at 1,495.83 points on turnover of Bt46.24 billion. Foreign net sell today was tuned at Bt36 million.
Most Asian markets advanced today, as Wall Street topped the week off on a high, with the Dow Jones Industrial Average and S&P 500 hitting a record for the third straight session. The Dow jumped 0.54 per cent to end above 17,000 for the first time, while the the S&P 500 gained 0.55 per cent. The Nasdaq surged 0.63 per cent.
US markets are closed on Friday for the July 4 public holiday.
The SET index gained 7.49 points or 0.50 per cent in the morning session, on turnover of Bt20.5 billion.
Asia Plus Securities said in a research note that there is a limited upside gain in Thai shares, given the high price-earning ratio of 15.77 times. Meanwhile, the market condition remains unfavourable for the return of foreign investment.
"It's not the right time to buy stocks for long-term investment," it said.
AFP reported that Asian markets rallied on Friday after the United States said its economy created more than a quarter of a million jobs in June, sending Wall Street to new records and boosting the dollar against the yen.
The better-than-expected US figures helped regional shares finish on an upbeat week on a high note as investors look ahead to the release next week of key Chinese indicators.
Tokyo rose 0.53 per cent, Hong Kong climbed 0.33 per cent, Sydney added 0.69 per cent, Seoul was 0.12 per cent higher and Shanghai was flat.
On Thursday the US Labour Department said the world's number one economy added 288,000 jobs last month, while the unemployment rate fell to 6.1 per cent from 6.3 per cent in May.
The closely watched figures were well above expectations of 215,000 and add to the sense that a recovery is well on track. They also soothed any lingering concerns some dealers may have had after last month's downgrade of first-quarter economic growth estimates.
