The Thai stock market has experienced gains over the past three consecutive sessions, increasing by nearly 30 points or 2.1 percent. The Stock Exchange of Thailand now sits just above the 1,320-point mark and is anticipated to open higher once again on Thursday.
Globally, the forecast for Asian markets is positive due to an improved outlook for interest rates. Both European and U.S. markets finished strong, and it is expected that Asian markets will follow this trend.
On Wednesday, the SET closed modestly higher with contributions from the food, finance, industrial, property, resource, service, and technology sectors. The index added 12.77 points, or 0.98 percent, ending the day at 1,320.86, having traded between 1,311.93 and 1,322.08. Total volume was 7.873 billion shares valued at 42.722 billion baht. The market saw 283 gainers, 209 decliners, and 155 stocks remained unchanged.
Notable performers included Advanced Info, which rose 1.84 percent, while Thailand Airport slipped 0.88 percent, and Asset World declined by 1.09 percent. Other movements included Banpu, up 0.40 percent; Bangkok Bank, up 0.74 percent; Bangkok Dusit Medical, gaining 0.96 percent; Bangkok Expressway, increasing by 0.65 percent; and BTS Group, which lost 0.92 percent. CP All Public saw a significant rise of 3.56 percent, Charoen Pokphand Foods increased by 2.13 percent, while Energy Absolute dropped sharply by 8.16 percent. Gulf was down by 1.04 percent, Kasikornbank fell 0.38 percent, Krung Thai Bank climbed 1.12 percent, and Krung Thai Card fell 1.27 percent. PTT Oil & Retail rose 1.28 percent, PTT gained 0.79 percent, PTT Exploration and Production soared 3.52 percent, PTT Global Chemical was up by 0.93 percent, Siam Concrete increased by 1.38 percent, Starflex fell by 0.57 percent, Thai Oil surged 2.02 percent, and True Corporation went up by 3.35 percent. TTB Bank, Siam Commercial Bank, SCG Packaging, and B. Grimm closed unchanged.
On Wall Street, the main indices performed strongly on Wednesday, maintaining upward momentum throughout the session. The Dow increased by 99.46 points, or 0.24 percent, to close at 40,842.79. The NASDAQ surged 451.98 points, or 2.64 percent, to end at 17,599.40, and the S&P 500 rallied 85.86 points, or 1.58 percent, closing at 5,522.30.
The early rally in the U.S. markets was driven by a positive response to corporate earnings reports from companies such as Advanced Micro Devices (AMD), Starbucks (SBUX), and DuPont (DD). The Federal Reserve's monetary policy announcement also bolstered investor confidence. While the Fed left interest rates unchanged, minor adjustments in the accompanying statement suggested the potential for future rate cuts.
Fed Chair Jerome Powell indicated in his press conference that a rate cut in September would be considered if economic conditions continue along their current trajectory.
Additionally, oil prices rose sharply on Wednesday due to concerns about potential supply disruptions amid escalating tensions in the Middle East and data showing a larger-than-expected decline in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September ended up by $3.18, or 4.3 percent, at $77.91 a barrel.
