FX.co ★ Win Streak May Continue For Thai Stock Market

The Thai stock market is seeing positive advances, having gathered over a dozen points or an increase of 0.9% over the last two trading periods. The Stock Exchange of Thailand is now just over the 1,370-point mark, with predictions suggesting it's set to continue its upward trend.

Market predictions globally are positive, particularly for Asian markets, due to increasing optimism about future interest rates. This optimism is reflected in the European and US markets, which have also shown a similar progressive trend.

On Thursday, the slight increased trend at the SET was counteracted by losses in the finance, industry, and property sectors. However, the index perked slightly by 1.61 points or 0.12% to finish at 1,372.16. The day saw trades involving 17.192 billion shares amounting to 39.425 billion baht, with 239 gainers and 232 decliners and the remaining 184 stocks remained unchanged.

Among the active stocks, Advanced Info enjoyed a surge of 2.43%, while Thailand Airport gained 0.39%. However, Banpu saw a massive tumble of 1.80%. Other significant movements included Bangkok Bank's fall of 0.35 %, B. Grimm's advance of 0.92%, CP All Public's rally marking 1.30% increment, and Energy Absolute's decline of 0.72%.

The Wall Street lead was positive, as the major averages opened higher on Thursday, with both S&P and NASDAQ marking new closing highs. The Dow climbed 130.30 points or 0.34% to finish at 38,791.35, while the NASDAQ surged to end at 16,273.38 and the S&P 500 rallied to close at 5,157.36.

This sustained rebound on Wall Street was largely due to positive sentiments surrounding future interest rates, following Federal Reserve Chair Jerome Powell's address to Congress, indicating potential rate cuts.

Meanwhile, the European Central Bank also contributed to the optimistic sentiments, lowering its annual inflation forecast while maintaining its current unchanged rates.

Also, Wall Street was further boosted by lower treasury yields, with the ten-year yield hitting its lowest closing level in a month. Despite concerns over the demand outlook, oil prices remained steady due to a weaker greenback, as the West Texas Intermediate Crude oil futures for April fell by $0.20 or 0.3% and stood at $78.93 a barrel.