The Thai stock market dipped on Tuesday, concluding a five-day rally during which it had surged over 80 points or 5.8%. The Stock Exchange of Thailand now hovers just below the 1,430-point threshold and may face further pressure on Wednesday.
The global market outlook for Asian markets is mixed and generally flat, as investors await significant inflation data scheduled for later this week. While European markets declined, U.S. markets presented a mixed performance, suggesting that Asian markets might follow the latter trend.
On Tuesday, the SET marginally decreased, with losses in the financial, industrial, property, and resource sectors partially offset by gains in the food and technology sectors.
The index dropped 3.10 points or 0.22% to close at 1,428.03, after fluctuating between 1,422.63 and 1,434.68. Trading volume reached 10.735 billion shares, valued at 64.242 billion baht. The market saw 303 decliners, 228 gainers, and 139 stocks remain unchanged.
Among the active stocks, Advanced Info and CP All Public both decreased by 0.38%, Thailand Airport fell by 0.40%, Asset World declined by 1.62%, and Banpu plummeted by 4.84%. Conversely, Bangkok Bank increased by 0.66%, Bangkok Dusit Medical improved by 0.85%, and Bangkok Expressway gained 0.63%. B. Grimm dropped 0.86%, BTS Group plunged 2.48%, while Charoen Pokphand Foods rose by 1.00% and Energy Absolute surged 5.11%.
Gulf slid by 0.45%, Krung Thai Bank and Krung Thai Card lost 0.49% and 0.56%, respectively. PTT Oil & Retail dropped 1.74%, PTT weakened by 1.46%, PTT Exploration & Production fell 2.78%, and PTT Global Chemical tumbled 1.79%. SCG Packaging retreated 1.75%, Siam Cement fell 2.02%, Thai Oil dropped 0.91%, True Corporation declined 1.90%, whereas TTB Bank advanced by 0.99%. Kasikornbank and Siam Commercial Bank both remained unchanged.
Wall Street's lead was cautiously optimistic, with major averages opening mixed on Tuesday and oscillating before closing on opposite sides.
The Dow Jones Industrial Average dropped 92.63 points or 0.23% to settle at 40,736.96, while the NASDAQ gained 141.28 points or 0.84% to finish at 17,025.88. The S&P 500 added 24.47 points or 0.45% to close at 5,495.52.
The volatility during trading was driven by anticipation of key consumer and producer price inflation data, set for release on Wednesday and Thursday, respectively. This data could influence interest rate expectations ahead of the Federal Reserve's monetary policy meeting next week.
The Federal Reserve is widely anticipated to start lowering interest rates, although there is some debate on whether the reduction will be 25 basis points or 50.
Oil prices also slumped on Tuesday due to concerns over global economic health. West Texas Intermediate crude for October delivery fell by $2.43 or 3.54% to end at $66.28 per barrel.
