The Thai stock market has been on a downward trend in the previous three sessions, losing over a dozen points or 0.9 percent. Currently, the Stock Exchange of Thailand slightly exceeds the 1,380-point level with expectations of support showing on Wednesday.
Analysts maintain a positive outlook for Asian markets globally, preceding the Federal Reserve's anticipated monetary policy announcement. Similar to the European and U.S. markets that closed on positive note, Asian markets are expected to open on an upbeat note.
On Tuesday, the thailand's Stock Exchange (SET) experienced modest losses fueled by downturns in the food, industry, property, service and technology sectors. These were, nonetheless, offset by gains in financials and resource stocks.
Throughout the day, the index dropped by 3.48 points or 0.25 percent and settling at 1,382.46 after it fluctuated between 1,382.46 and 1,391.21. The market activity saw transaction of 17.381 billion shares worth 54.092 billion baht with shares of 259 companies decreasing, 216 companies increasing and 174 companies remaining unchanged.
Looking at specific companies, Advanced Info gained 0.48 percent while Thailand Airport's share declined 1.52 percent. Conversely, Bangkok Bank improved by 0.72 percent, while PTT Oil & Retail's shares plunged by 2.17 percent.
Taking leads from Wall Street's optimistic performance, all major indexes opened mixed but trended upward as trading progressed.
The Dow soared, achieving a significant increase of 320.33 points or 0.83 percent, with an impressive finish of 39,110.76. Similarly, the NASDAQ rose by 3.34 points or 0.39 percent closing at 16,166.79 alongside the S&P 500, which advanced by 29.09 points or 0.56 percent to conclude at 5,178.51.
Wall Street's optimistic outlook was reinforced by Nvidia's rebound after rolling out its latest series of AI chips. Given Nvidia's recent significant influence on market movement, its performance tends to create ripples across the market.
Market players are also highly anticipating the Federal Reserve's monetary policyannouncement. While it is expected that there will be no changes in interest rates, the central bank's statement holds the potential to greatly impact rate forecasts.
From a U.S. economic perspective, new residential construction reported a notable bounce back in February as stated by the Commerce Department. Simultaneously, building permits also saw a surge.
Finally, crude oil futures appreciated on Tuesday, marking a second day of gains as traders continue to monitor the effects of Ukrainian attacks on Russian refineries. As such, West Texas Intermediate Crude oil futures for April rose by $0.75 to settle at $83.47 a barrel.
