On Wednesday, the Thai stock market reversed its brief recovery, succumbing to a renewed downturn after a modest gain broke a two-day losing streak in which it had declined by nearly 7 points, equating to a 0.5 percent drop. The Stock Exchange of Thailand closed slightly above the 1,460-point level and anticipates a subdued opening on Thursday.
The global outlook for Asian markets is pessimistic, with several overextended regional bourses expected to undergo profit-taking. Following trends set by European and U.S. markets, which were predominantly negative, Asian markets are likely to follow suit.
On Wednesday, the SET ended marginally down, as deficits in financial and resource stocks were counterbalanced by gains in industrial and property sectors.
For the day, the index slipped by 0.52 points, or 0.04 percent, closing at 1,461.58 after fluctuating between 1,460.23 and 1,471.69. Trading volume reached 12.541 billion shares, equating to 12.541 billion baht. Market breadth was slightly negative with 249 gainers, 245 losers, and 174 stocks remaining unchanged.
Notable stock movements included: Asset World decreased by 1.05 percent, Banpu plunged 4.73 percent, Bangkok Bank declined 0.63 percent, B. Grimm surged by 4.35 percent, BTS Group fell 1.72 percent, CP All Public rose 0.38 percent, Charoen Pokphand Foods dipped 0.83 percent, Energy Absolute dropped 1.12 percent, Gulf slipped by 0.43 percent, Kasikornbank decreased 0.32 percent, Krung Thai Bank retreated 1.44 percent, PTT Oil & Retail dropped 0.58 percent, PTT fell 0.74 percent, PTT Exploration and Production slid 0.36 percent, SCG Packaging jumped 4.07 percent, Siam Commercial Bank dipped 0.89 percent, Siam Concrete spiked 2.93 percent, Thai Oil decreased 0.48 percent, True Corporation advanced 0.90 percent, TTB Bank gained 1.03 percent, while Krung Thai Card, PTT Global Chemical, Advanced Info, Bangkok Dusit Medical, Thailand Airport, and Bangkok Expressway remained unchanged.
Wall Street's guidance was lackluster as the major indices opened mixed on Wednesday, but trended lower throughout the session, ending predominantly in negative territory.
The Dow Jones Industrial Average tumbled by 293.47 points, or 0.70 percent, to close at 41,914.75, while the NASDAQ edged up by 7.68 points, or 0.04 percent, to finish at 18,082.21, and the S&P 500 declined by 10.67 points, or 0.19 percent, ending at 5,722.26.
Wall Street’s mixed performance came as traders exhibited uncertainty about the market’s short-term outlook following recent gains that have propelled the Dow and S&P 500 to record highs.
On the economic front, the Commerce Department reported a significant drop in new home sales for August.
Upcoming economic data includes weekly jobless claims, durable goods orders, and personal income and spending, with a keen focus on a speech by Fed Chair Jerome Powell later today.
Oil prices saw a sharp decline on Wednesday, driven by uncertainty over future demand and easing fears about supply disruptions in Libya. West Texas Intermediate crude oil futures for November dropped by $1.87, or 2.6 percent, settling at $69.69 per barrel.
