The Thai stock market has experienced gains for two consecutive sessions, accumulating nearly 10 points or a 0.7% increase. The Stock Exchange of Thailand (SET) is currently just below the 1,330-point mark, but it is anticipated to face pressure in Friday’s opening.
The global forecast for Asian markets indicates potential profit-taking, particularly within the technology sectors. While European markets advanced, U.S. markets saw declines, suggesting that Asian markets might follow suit.
On Thursday, the SET finished slightly higher due to gains in energy, property, and technology shares. The index rose by 6.09 points or 0.46%, closing at 1,329.37, after fluctuating between 1,320.00 and 1,330.01. The trading volume was 10.644 billion shares valued at 40.340 billion baht. There were 247 gainers, 204 decliners, and 197 unchanged stocks.
Among key performers, Advanced Info Service improved by 0.45%, Thailand Airport and CP All Public both increased by 0.43%, Asset World soared by 2.76%, Banpu surged by 4.85%, Bangkok Bank climbed by 1.11%, B. Grimm accelerated by 5.09%, BTS Group rallied by 3.23%, Charoen Pokphand Foods added 0.41%, and Energy Absolute saw a significant rise of 9.68%. Meanwhile, Gulf Energy Development strengthened by 1.21%, Kasikornbank declined by 0.39%, Krung Thai Bank rose by 0.57%, Krung Thai Card dropped by 1.30%, PTT fell by 1.50%, PTT Exploration and Production slid by 0.33%, and Siam Concrete advanced by 0.87%. TTB Bank gained 0.56%, while Siam Commercial Bank, PTT Global Chemical, SCG Packaging, True Corporation, PTT Oil & Retail, Thai Oil, Bangkok Dusit Medical, and Bangkok Expressway remained unchanged.
Wall Street’s lead was predominantly negative as the major averages opened Thursday in the red; however, the Dow managed a slight gain, while the S&P and NASDAQ pulled back from record highs. Specifically, the Dow rose by 32.39 points or 0.08%, closing at 39,753.75. Conversely, the NASDAQ dropped by 364.04 points or 1.95%, settling at 18,283.41, and the S&P 500 fell by 49.37 points or 0.88%, ending the session at 5,584.54.
Initial optimism regarding interest rates boosted early gains on Wall Street, but this quickly dissipated as traders appeared to have already factored in a potential September rate cut. The subsequent sell-off was driven by traders capitalizing on recent market strength, with significant tech winners like Nvidia (NVDA) leading the retreat.
Despite the pullback, the Federal Reserve is still anticipated to lower rates in September, following a Labor Department report showing a slight and unexpected decline in U.S. prices in June.
Elsewhere, oil futures finished higher on Thursday, buoyed by hopes of an interest rate cut by the Federal Reserve after favorable inflation data. West Texas Intermediate Crude oil futures for August, however, ended lower by $0.52, settling at $82.62 per barrel.
