FX.co ★ Thai Bourse Expected To Extend Wednesday's Gains

On Wednesday, the Thai stock market rebounded, following the end of a four-day winning streak that saw an uptick of nearly 35 points or 2.8 percent. The Stock Exchange of Thailand (SET) now hovers just below the 1,325-point mark and is expected to continue its upward trend on Thursday.

The outlook for Asian markets is optimistic, driven by gains in technology shares and anticipation of key inflation data. Both European and U.S. markets saw positive movement, suggesting that Asian markets may follow suit.

The SET closed slightly higher on Wednesday, with sectors such as property, services, resources, and technology showing gains. However, this was offset by declines in the food, finance, and industrial sectors.

The index rose 3.36 points or 0.25 percent to close at 1,323.28, having traded between 1,318.72 and 1,327.16. Trading volume was 10.307 billion shares valued at 34.265 billion baht. The market had 235 gainers, 218 decliners, and 199 stocks that remained unchanged.

Significant movers included Advanced Info, which increased by 1.38 percent, Thailand Airport, spiking 1.75 percent, and Bangkok Expressway, up 1.32 percent. Conversely, Banpu dropped 0.96 percent, B. Grimm fell 1.37 percent, and BTS Group declined by 1.81 percent. Other notable movements were Gulf rising 1.85 percent, Krung Thai Bank dipping 0.57 percent, and SCG Packaging retreating 1.61 percent. Stocks like Charoen Pokphand Foods, Bangkok Bank, and others remained unchanged.

Wall Street's performance was broadly positive, with major indices climbing steadily throughout the day. The Dow surged 429.39 points or 1.09 percent to close at 39,721.36, the NASDAQ rallied 218.16 points or 1.18 percent to end at a record 18,647.45, and the S&P 500 jumped 56.93 points or 1.02 percent to finish at a record 5,633.91.

This rally was bolstered by strong performances in technology stocks, as reflected in the tech-heavy NASDAQ. Optimism regarding interest rate outlooks also played a role, driven by anticipations ahead of the release of critical consumer price inflation data.

During congressional testimony, Federal Reserve Chair Jerome Powell indicated that positive data would increase confidence in inflation moving sustainably towards the 2 percent target, potentially leading to an interest rate cut.

In commodities, oil futures settled higher on Wednesday after data revealed a larger-than-expected drop in U.S. crude inventories. West Texas Intermediate Crude oil futures for August closed up $0.69, finishing at $82.10 a barrel.