The Thai stock market has experienced a downward trend, declining for three consecutive sessions and losing over 15 points or 1.1 percent. Currently, the Stock Exchange of Thailand is positioned just above the 1,290-point mark, with analysts cautiously optimistic that the market may stabilize on the upcoming Monday.
In a broader context, global forecasts for Asian markets paint a mixed but slightly positive picture, buoyed by ongoing optimism regarding interest rate projections. While European markets faced slight declines, U.S. stock exchanges exhibited gains, leading to expectations that Asian markets may reflect an amalgamation of these trends.
On the most recent trading day, the SET concluded modestly lower, pressured by declines among food, property, services, and technology sectors. Conversely, gains from consumer, finance, industrial, and resource companies provided some support. Specifically, the SET index dropped 4.29 points, or 0.33 percent, closing at 1,292.72. During the session, the index fluctuated between 1,292.41 and 1,302.49. Trading volume was recorded at 9.913 billion shares, valued at 47.981 billion baht, with 230 stocks declining, 223 gaining, and 205 remaining unchanged.
Among the active stocks, Advanced Info saw a modest increase of 0.34 percent. However, Thailand Airport plummeted by 1.89 percent, while Asset World lost 2.44 percent. Other notable declines included Banpu (-0.41%), Bangkok Bank (-0.34%), and both Bangkok Expressway and Bangkok Dusit Medical, which fell by 1.90%. On the other hand, B. Grimm rose by 1.50%, while other gains were observed from Energy Absolute (0.56%), Gulf (0.55%), and Kasikornbank (1.23%). Several stocks, including True Corporation, faced significant losses, with a drop of 4.42%.
The backdrop provided by Wall Street was notably positive, as major American indices opened higher and remained in the green throughout the session, achieving record closing highs. The Dow Jones Industrial Average surged by 172.85 points, a boost of 0.37 percent, closing at 46,315.27. Similarly, the NASDAQ climbed 160.75 points or 0.72 percent, finishing at 22,631.48, while the S&P 500 added 32.40 points, marking a 0.49 percent increase to close at 6,664.36.
Over the week, the NASDAQ notably surged 2.2 percent, with the S&P and Dow increasing by 1.2 percent and 1.1 percent, respectively. The optimism surrounding lowered interest rates has been a significant contributing factor to this upward momentum on Wall Street, particularly following the Federal Reserve’s quarter-point rate cut and indications of two additional cuts anticipated later in the year.
Despite these gains, overall trading remained somewhat subdued. A lack of major economic data from the U.S. left many traders hesitant to make significant moves. Additionally, crude oil prices dropped on the same day, reflecting traders’ scrutiny of the Federal Reserve’s comments, which raised concerns about potential economic risks and demand. West Texas Intermediate crude for October delivery fell by $0.91 or 1.43 percent, settling at $62.66 per barrel.
