The Thai stock market surged again on Thursday, extending its rebound after a brief hiatus to a three-day winning streak which saw a gain of 7 points, or 0.5 percent. The Stock Exchange of Thailand (SET) is now positioned just above the 1,375-point mark, although it is anticipated to see a muted start on Friday.
The global forecast for Asian markets points towards consolidation, primarily driven by profit-taking following recent upticks. Both European and U.S. markets experienced declines, and Asian markets are expected to follow that trend.
On Thursday, the SET concluded modestly higher, with positive performances across the food, finance, industry, property, resource, and technology sectors.
The index added 8.28 points, or 0.53 percent, to close at 1,377.72, trading between 1,373.64 and 1,383.38. Market activity saw 17.385 billion shares exchanged, valued at 51.503 billion baht. The trading day ended with 289 gainers, 209 decliners, and 153 stocks unchanged.
Prominent stock movements included a 0.49 percent gain for Advanced Info, a 1.49 percent drop in Thailand Airport, a 0.96 percent decrease in Asset World, a 0.94 percent spike in Banpu, a 0.63 percent rise in Bangkok Expressway, a 1.89 percent jump in B. Grimm, and a 2.52 percent surge in BTS Group. However, CP All Public tumbled 2.87 percent, Charoen Pokphand Foods increased by 1.35 percent, Energy Absolute rocketed 3.85 percent, Gulf grew by 2.42 percent, Kasikornbank rallied by 1.59 percent, and Krung Thai Bank added 0.59 percent. Other notable performers included Krung Thai Card, up 1.16 percent, PTT gaining 0.74 percent, PTT Exploration and Production up 0.65 percent, SCG Packaging accelerating 1.63 percent, Siam Commercial Bank advancing 0.95 percent, Siam Concrete increasing 0.81 percent, Thai Oil retreating 1.44 percent, True Corporation improving 1.19 percent, and TTB Bank jumping 1.75 percent. Bangkok Bank, PTT Global Chemical, PTT Oil & Retail, and Bangkok Dusit Medical remained unchanged.
Wall Street presented a subdued lead as major averages spent most of Thursday in positive territory before a wave of late profit-taking pushed them down.
The Dow Jones Industrial Average slipped 38.62 points, or 0.10 percent, to close at 39,869.38, while the NASDAQ fell 44.07 points, or 0.26 percent, to end the session at 16,698.32. The S&P 500 dipped 11.05 points, or 0.21 percent, settling at 5,297.10.
Early strength on Wall Street was driven by an extension of Wednesday's rally, spurred by optimism over interest rate outlooks following unexpectedly mild consumer price inflation data. However, buying interest tapered as traders opted to lock in recent gains.
In economic news, the U.S. Labor Department reported a pullback in initial jobless claims for the past week. Additionally, a separate report from the same department indicated that U.S. import prices rose more than anticipated in April, while industrial production remained unchanged for the month.
Oil prices advanced on Thursday, supported by data indicating a larger-than-expected decline in U.S. crude inventories last week and expectations for a potential interest rate cut in September. West Texas Intermediate crude oil futures for June rose $0.60 to close at $79.23 a barrel.
