The Stock Exchange of Thailand (SET) declined again on Tuesday, ending just below the 1,375-point mark. This comes after a two-day slide where it dropped more than 12 points or 0.8 percent. The market is expected to remain rangebound on Wednesday.
Global predictions for Asian markets are uncertain in the lead-up to the Federal Reserve's interest rate decision and statement to be released later today. The European and U.S. indexes showed mixed results, with a likely similar follow-up from Asian markets.
Tuesday saw a minor drop for SET, as losses from the finance, property, and service sectors were offset by gains in food and technology. The index fell by 3.14 points (0.23 percent), closing at 1,373.14. We recorded a trading range of 1,370.70 to 1,378.34. In total, trading volume amounted to 20.167 billion shares worth 42.508 billion baht, with more decliners than gainers.
Key players for Tuesday included Advanced Info who grew 0.46 percent, whereas Thailand Airport’s share slipped by 0.41 percent and Banpu had a significant drop of 2.31 percent. B. Grimm advanced 0.91 percent while BTS Group plummeted by 9.02 percent. Other changes included Siam Commercial Bank dropping 0.95 percent and Thai Oil climbing 0.92 percent.
Wall Street's major averages opened lower on Tuesday, with the Dow eventually rallying and finishing in the green, while the NASDAQ stayed negative throughout the session. The S&P 500 fluctuated before ending slightly in the red.
The Dow climbed 133.86 points (0.35 percent), finishing at 38,467.31. Meanwhile, the NASDAQ dropped 118.15 points (0.76 percent) and ended at 15,509.90. The S&P 500 dipped 2.96 points (0.06 percent) and ended at 4,924.97.
NASDAQ's pullback could be attributed to traders taking profits from the tech sector's recent strength ahead of the release of quarterly results by tech giants Google, Microsoft, Apple, Amazon and Meta Platforms. Uncertainty surrounding the Federal Reserve's monetary policy announcement may have also led traders to book profits.
Meanwhile, the Labor Department reported an unexpected increase in job openings in December. Furthermore, the Conference Board noted a continued improvement in U.S. consumer confidence in January.
Crude oil prices notably increased on Tuesday, largely counteracting the previous day's steep fall following the International Monetary Fund's (IMF) updated global growth outlook for 2024. West Texas Intermediate for March delivery jumped $1.04 or 1.4 percent to $77.82 a barrel.
Lastly, Thailand is expected to release December data for imports, exports, trade balance, current account and industrial production later today. In November, imports rose 9.5 percent year-on-year and exports by 3.9 percent, leading to a trade deficit of $0.20 billion. The current account recorded a deficit of $1.20 billion and industrial production dropped 4.71 percent.
