FX.co ★ Thai Shares Have Positive Lead For Friday's Trade

The Thai stock market experienced a rebound on Thursday, recovering from a previous session that ended a four-day winning streak, which had collectively increased the index by over 20 points or 1.5%. The Stock Exchange of Thailand (SET) now sits slightly above the 1,450-mark, with expectations of further gains on Friday.

Global market forecasts for Asian markets are optimistic, driven by positive sentiment towards economic prospects and interest rate outlooks. Both European and U.S. markets posted significant gains, suggesting a similar positive opening for Asian bourses, albeit with potential profit-taking as the sessions progress.

The SET closed sharply higher on Thursday, with notable performance across sectors such as food, industrials, property, resources, and technology. For the day, the index surged by 19.07 points or 1.33%, closing at a daily high of 1,454.84, after hitting a low of 1,436.14. Trading volume amounted to 12.997 billion shares, valued at 67.697 billion baht. Market breadth was positive with 382 gainers, 123 decliners, and 162 stocks remaining unchanged.

Prominent movements included Advanced Info gaining 0.77%, Thailand Airport dropping 0.39%, Asset World advancing 3.72%, and Banpu losing 0.76%. Bangkok Dusit Medical and Siam Concrete both increased by 0.84%; B. Grimm rose by 2.18%, BTS Group by 0.85%, and CP All Public climbed 1.57%. Charoen Pokphand Foods improved by 0.83%, while Energy Absolute plunged 5.29%. Notably, Gulf surged 2.70% and Krung Thai Bank decreased by 0.97%. Krung Thai Card increased by 1.61%, PTT Oil & Retail rallied 2.96%, PTT Exploration and Production gained 0.73%, and PTT Global Chemical advanced 0.89%. SCG Packaging spiked 5.56%, while Siam Commercial Bank retreated 1.33%, and Thai Oil fell 0.50%. True Corporation soared 4.63%, TTB Bank fell by 1.04%, and Bangkok Bank, Kasikornbank, PTT, and Bangkok Expressway ended unchanged.

Wall Street provided a broadly positive lead, with major averages firmly in the green throughout the session. The Dow surged by 522.09 points or 1.26% to finish at 42,025.19. The NASDAQ rallied 440.68 points or 2.51% to end at 18,013.98, while the S&P 500 advanced 95.38 points or 1.70% to close at 5,713.64.

The rally in U.S. markets was fueled by traders' reactions to the Federal Reserve's decision to cut interest rates by half a percentage point, alongside expectations of continued rate reductions over the coming months. This has fostered optimism regarding a potential soft landing for the economy.

Further boosting economic sentiment, the U.S. Labor Department reported a near four-month low in first-time unemployment claims.

In the oil markets, prices rose on Thursday amid increasing tensions in the Middle East, which heightened concerns over supply disruptions. West Texas Intermediate Crude oil futures for October settled up by $1.04 or 1.5%, closing at $71.55 a barrel.