The Thai stock market, having fallen almost 12 points or 0.8 percent over two consecutive days, rebounded on Thursday. The Stock Exchange of Thailand (SET) is now positioned just over the 1,370-point mark, and is anticipated to continue this upward trend on Friday.
International predictions for Asian markets are largely optimistic, considering the heavy selling earlier this week to be an overreaction. European markets experienced a decrease, while US markets rose, with Asian markets expected to follow the latter's example.
The SET noted a marginal increase on Thursday, with successes from the industrial, resource, and service sectors counterbalancing weaknesses within food, finance, and technology companies.
For the day, the market index grew by 3.44 points or 0.25 percent to end trading at 1,367.96, fluctuating between 1,357.39 and 1,372.83 throughout the day. The exchange saw a trading volume of 21.048 billion shares, valued at 42.066 billion baht. The market had 226 gainers, 224 decliners, and 196 stocks remained unchanged.
US Wall Street presented an encouraging trend, as baseline market values inceptionally rose on Thursday, ultimately closing near the high points of the session.
Following a broad market selloff on Wednesday, Wall Street rallied with traders purchasing undervalued stocks. Although the Federal Reserve indicated an unlikely interest rate cut in March, experts predict it's a question of "when, not if" rates will eventually decrease.
The declining trends of treasury yields may have contributed to renewed buying interest. The yield on the benchmark 10-year note has fallen to its lowest in over a month.
Last week's US jobless claim numbers slightly increased, contrary to expectations, according to US Labor Department data. Additionally, the Institute for Supply Management recently reported a rise in US manufacturing activity in January, although it still reflects underlying contraction.
Meanwhile, the oil futures settled lower due to ongoing negotiations on a cease-fire between Israel and Hamas. However, the possibility of heightened energy demand has restricted downturns. The West Texas Intermediate Crude oil futures faded by $2.03, or 2.7 percent, landing at $73.82 per barrel for March.
