The Thai stock market has experienced a downward trend for five consecutive sessions, resulting in a decline of more than 35 points or 2.5 percent. Currently, the Stock Exchange of Thailand is sitting just below the 1,370-point plateau, though indications are that this downward momentum might cease on Monday.
Globally, the forecast for the Asian markets is optimistic where support is expected to come from technology and oil companies. Mirroring the upward trends seen in the European and U.S. markets, the Asian market is also expected to open on a positive note.
On Friday, the Bangkok stock market concluded marginally lower, due to losses in the food, consumer, finance, industrial, resource, and technology sectors. The index dropped by 3.25 points or 0.24 percent, ending at 1,367.42 with share transactions worth 49.580 billion baht taking place during the session. The trading landscape showcased 289 declining stocks and 216 gaining ones, along with 153 unchanged stocks.
In the actives category, Advanced Info enjoyed a 2.49 percent surge, while Thailand Airport witnessed an accelerated 3.15 percent growth. On the flip side, Banpu plummeted by 3.57 percent and Bangkok Bank sunk by 0.70 percent, among others.
From Wall Street, the lead is encouraging, with both the NASDAQ and S&P reaching record closing highs, despite an opening flat. The Dow witnessed an upward trend with 90.98 points or 0.23 percent increase, ending at 39,087.38.
In the wake of Dell's positive results, substantial strength was demonstrated by computer hardware stocks, with the NYSE Arca Computer Hardware Index soaring to a record closing high.
Some of the economic reports revealed that manufacturing activity in the U.S. unexpectedly contracted at a fast pace in February, matched with a surprising decline in consumer sentiment. This led to a drop in treasury yields, stoking optimism about potential future cuts to interest rates by the Federal Reserve.
Oil prices reached a four-month peak on Friday, driven by reports that oil demand in 2023 reached a four-year high and is predicted to remain steady this year. Consequently, the West Texas Intermediate Crude oil futures for April rose by $1.71 or 2.2 percent, closing at $79.97 a barrel, the highest since November 6, 2023.
