FX.co ★ Additional Support Anticipated For Thai Stock Market

The Thai stock market has shown a positive trend over the past three trading sessions, gaining over a dozen points, which equates to an increase of 0.9%. The Stock Exchange of Thailand now sits slightly above the 1,330-point mark and is expected to continue its upward trajectory on Monday.

The global outlook for Asian markets is optimistic, driven by anticipated bargain hunting in the technology sectors. European and U.S. markets have also closed higher, suggesting a positive trend for Asian bourses.

In the latest session, the SET edged higher, with gains in sectors such as finance, property, resources, and services. However, these gains were partly offset by losses in the technology and industrial sectors.

The index rose by 2.67 points, or 0.20%, to close at 1,332.04, after fluctuating within a range of 1,325.64. Trading volume was notable, with 11.824 billion shares worth 37.680 billion baht changing hands. The market saw 306 gainers, 164 decliners, and 186 stocks that remained unchanged.

Key market movements included a 0.45% decline in Advanced Info and a 0.43% rise in Thailand Airport. Asset World surged by 3.76%, Banpu and PTT Oil & Retail both increased by 1.85%, while Bangkok Bank fell by 1.09%. Other movements included a 0.95% drop in Bangkok Dusit Medical and a 1.96% increase in Bangkok Expressway. B. Grimm decreased by 0.44%, BTS Group fell by 1.79%, and CP All Public dropped by 0.87%. Energy Absolute saw a significant decline of 3.68%, while Gulf rallied by 1.22%. Notably, PTT Exploration and Production rose by 0.33%, and PTT Global Chemical fell by 1.61%. SCG Packaging advanced by 0.82%, Siam Commercial Bank grew by 0.47%, and Siam Concrete saw a sharp decline of 2.15%. Thai Oil increased by 0.47%, True Corporation shed 0.55%, and TTB Bank climbed by 1.12%. Charoen Pokphand Foods, Kasikornbank, Krung Thai Bank, and PTT remained unchanged.

In the U.S., major indices opened higher and maintained their gains throughout the session. The Dow Jones Industrial Average rallied by 247.10 points, or 0.62%, closing at 40,000.90. The NASDAQ increased by 115.04 points, or 0.63%, to end at 18,398.45, and the S&P 500 rose by 30.81 points, or 0.55%, to finish at 5,615.35.

For the week, the Dow climbed by 1.6%, the S&P 500 by 0.9%, and the NASDAQ by 0.3%. The recovery on Wall Street was attributed to traders seeking to buy stocks at lower prices, following a significant drop on Thursday, which partly stemmed from a rotation out of leading tech stocks such as Nvidia (NVDA). Additionally, traders remained optimistic about the interest rate outlook, despite the U.S. Labor Department reporting a slightly higher than expected increase in producer prices for June.

Oil futures also experienced a downturn, with West Texas Intermediate Crude oil for August delivery closing down $0.41 at $82.21 per barrel, influenced by data showing a larger than anticipated rise in U.S. producer prices for June.