The Thai stock exchange has seen a decrease in its performance in recent consecutive trading days, dropping over seven points, equating to half a percent. Consequently, the Stock Exchange of Thailand is now just short of the 1,370-point plateau. However, a potential bounce-back is forecasted for Friday.
A boost to global forecasts is resultant from an improved outlook surrounding interest rates. There is an observed upward trajectory for European and American markets, and it is believed that Asian markets will follow suit.
The Stock Exchange of Thailand (SET) wrapped up Thursday with a slight decrease, which can be attributed to losses from various sectors including food, consumption, industrial, property, resource and technology.
The index lost about 4 points, equivalent to a 0.29% decrease, ending the day at 1,369.29 points. Furthermore, the market saw a trading range of between 1,367.88 to 1,379.75. The total number of shares traded was over 12 billion shares, yielding a total of 39.882 billion baht. The market saw 322 decliners and 167 gainers, whilst 171 stocks remained unchanged.
Among the active traders, Thailand Airport saw a growth of 0.77 percent, while others saw varying levels of decline, with Asset World seeing a significant 3.24 percent drop.
Wall Street, however predicted mild upside as the major averages opened lower on Thursday but quickly bounced back and sustained a positive trajectory for the remainder of the day.
There was also an increase in the strength on Wall Street following the release of a Labor Department report that showed a higher-than-expected increase in first time claims for U.S. unemployment benefits the previous week. This stimulated renewed optimism that the Federal Reserve could lower interest rates in the forthcoming months.
Whilst it is widely expected that interest rates will remain unchanged in June, the odds that the rates will be lower by September are at 89.3 percent according to CME Group's FedWatch Tool.
Oil prices also saw an increase on Thursday, with this optimism about the demand outlook as well as recent data that showed a bigger than expected drop in U.S. crude inventories last week.
