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BANGKOK, Oct 25 - The Stock Exchange of Thailand (SET) composite index on Thursday surged 3.17 per cent thanks to speculative buys in energy stocks as investors believed global oil prices would reach US$100 a barrel, dealers said.
The SET index closed at 893.45 points, up 27.42 points from Wednesday, with a turnover of more than Bt22 billion.
A dealer at Sicco Securities said investors bought energy shares after finding that the mid-December contract was struck at US$100 a barrel and it was expected that the price would continue to advance.
Foreign investors bought energy, petrochemicals and bank issues which helped push the index up sharply, the dealer said.
Another factor which influenced the SET index was the hope that an interest rate cut was expected in the United States next week which would assist in boosting that country's economy
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