SET up on thin trade

business April 18, 2014 00:00

By The Nation

The Stock Exchange of Thailand managed to end higher on Friday, after the swinging of the composite index from 1,407.89 to 1,414.97 points.

Turnover was thin, though, at Bt25 billion.
At 1,414.97, the index hit a five month intraday high. 
The Thai bourse has been riding along with other Asian markets, thanks to renewed capital inflows.
With many bourses closed for the Easter break, business was thin at the end of a broadly positive week in Asia, which was helped by bargain buying after the previous week's sell-off.
Tokyo added 0.68 per cent, or 98.74 points, to finish at 14,516.27 - the index rose four per cent for the week after losing more than seven per cent last week.
Sydney, Singapore, Wellington, Jakarta, Mumbai, Hong Kong and Manila were closed for public holidays.
Thailand's international reserves stood at US$169 billion as of April 11, an increase of $1 billion from the previous week.
According to the Bank of Thailand's data, net forward position also rose slightly by $300 million to $23.3 billion.
At 11.07am, the SET index gained 4.94 points to 1,413.72 points. From the beginning of this year, the index has gained 8.48 per cent. Turnover was below Bt9 billion.
According to AFP, Asian markets mostly rose while the dollar edged up in holiday-narrowed trade on Friday following a mixed lead from Wall Street and news of a deal between Russia and the West to ease Ukraine tensions.
"The market doesn't move unless foreign investors move, and they look like they're enjoying a slow, sleepy Easter weekend," CLSA equities strategist Nicholas Smith told Dow Jones Newswires.
US shares ended mostly higher before breaking up for the holidays, thanks to some impressive corporate results.
Morgan Stanley said earnings jumped a better-than-expected 56 per cent in January-March, General Electric also unveiled forecast-beating results and SanDisk, a maker of memory cards and other data storage technology, announced a 62 per cent rise in profit.
While there were disappointing reports from Google, IBM and toy maker Mattel the week closed largely up for Wall Street following last week's slump that was fuelled by fears tech plays were overpriced.
On Wall Street the Dow eased 0.10 per cent but the S&P 500 advanced 0.14 per cent and the tech-rich Nasdaq added 0.23 per cent.
The Nasdaq was also boosted by Sina Weibo, a Twitter-like Chinese micro-blogging site, which soared 19.1 per cent on its debut after its initial public offering raised less than the company had hoped for.
In Geneva, the US, European Union, Ukraine and Russia agreed after talks to "restore security" in eastern Ukraine, where forces from Kiev had moved to oust armed pro-Moscow separatists from government buildings they had occupied.
The news provided some support to the dollar in New York and it extended those gains in Asia Friday.
The greenback bought 102.50 yen in early Asian trade, up from 102.39 yen in New York, while the euro fetched $1.3811 and 141.55 yen against $1.3813 and 141.45 yen.
In oil trade New York's main contract, West Texas Intermediate for delivery in May rose 25 cents to $104.55 a barrel, while Brent North Sea crude for June added 13 cents to $109.66.
Gold fetched $1,294.60 an ounce at 0210 GMT, from $1,298.62 late Thursday.