FX.co ★ Thai Stock Market May Turn Lower Again On Thursday

The Thai stock market rebounded on Wednesday, ending a two-day dip that had seen a 0.3 percent—or over 5 points—decrease. Now just under the 1,385-point mark, the Stock Exchange of Thailand could potentially face renewed selling pressure come Thursday.

Globally, forecasts are notably mixed and largely flat due to a lack of decisive market movers. Expected losses from technology stocks are likely to be compensated by gains within the oil sector. In alignment with this, European and U.S. markets delivered mixed results with minor changes, a trend expected to be mirrored across Asian markets.

The Stock Exchange of Thailand (SET) closed with modest gains on Wednesday. The finance, industrial, property, resource and service sectors contributed to this positive result, leaving the index up by 4.88 points or 0.35 percent to close at 1,384.51. Trading ranged between 1,378.43 and 1,388.32, with a total of 19.906 billion shares traded for a net worth of 40.329 billion baht. Out of the total stocks traded, 276 stocks showed gains, 182 declined, and 191 maintained their previous values.

Active stocks saw varied outcomes, with companies like Advanced Info witnessing a 0.95 percent decrease, while others like Thailand Airport experienced a 0.76 percent increase. Additionally, the energy sector, represented by firms like Gulf and PTT Oil & Retail, also showed an inconsistent performance, with the former company diminishing by 1.10 percent, while the latter gained 0.56 percent.

On a broader level, Wall Street reports remained weak. The significant markets kicked off mixed on Wednesday, maintaining this trend until the end of the day. The Dow added a minimal 0.10 percent, or 37.83 points, to conclude at 39,043.32. In contrast, the NASDAQ dipped by 0.54 percent, or 87.87 points, closing at 16,177.77, while the S&P 500 fell by 0.19 percent, or 9.96 points, to end at 5,165.31. This decline was partially due to the tech sector's underperformance, with Nvidia—a notable AI company—slumping by 1.1 percent.

Overall, the trading activity stayed limited, with the market's attention focused on forthcoming key reports about producer prices, industrial production, retail sales, and jobless claims.

Oil prices experienced a sharp increase following an unexpected drop in American crude inventories last week. Supply disruptions in Russia also had a role to play in this price surge. Consequently, West Texas Intermediate Crude oil futures for April rose by 2.8 percent, or $2.16, to close at $79.72 per barrel.