FX.co ★ Thai Stock Market May Find Traction On Tuesday

The Thai stock market has experienced declines in the past four consecutive sessions, falling by nearly 15 points or 1 percent overall. The Stock Exchange of Thailand (SET) is currently slightly below the 1,450-point mark, though it is expected to find some support on Tuesday.

The global outlook for Asian markets remains unclear due to the uncertain interest rate environment. European markets saw declines, while U.S. markets experienced modest gains, suggesting that Asian markets might see mixed results.

On Monday, the SET ended marginally lower. Losses were noted in the consumer, industrial, service, and technology sectors. However, these were offset by gains in the resource, property, and finance sectors.

The index dipped 1.32 points or 0.09 percent to close at 1,448.83, after oscillating between 1,444.11 and 1,453.54. Trading volume was substantial, with 9.637 billion shares worth 52.891 billion baht changing hands. Out of all stocks, 248 suffered losses, 230 posted gains, and 184 remained unchanged.

Among the active stocks, Asset World appreciated by 0.53 percent, Banpu surged 1.44 percent, Bangkok Bank and Kasikornbank each increased by 0.33 percent. On the other hand, Bangkok Dusit Medical declined 0.83 percent. Bangkok Expressway advanced 1.24 percent, B. Grimm rose 1.27 percent, and CP All Public fell 1.13 percent. Charoen Pokphand Foods gained 0.42 percent, while Energy Absolute plunged 3.24 percent. Gulf increased by 0.88 percent, Krung Thai Card soared 2.63 percent, PTT Oil & Retail expanded 1.15 percent, PTT edged up by 0.74 percent, but PTT Exploration and Production lost 0.76 percent, and PTT Global Chemical dropped 2.44 percent. SCG Packaging fell 1.69 percent, Siam Commercial Bank decreased 0.91 percent, Siam Concrete slipped 0.82 percent, Thai Oil increased by 0.99 percent, True Corporation was up 0.90 percent, TTB Bank rallied 1.55 percent, while Krung Thai Bank, Advanced Info, Thailand Airport, and BTS Group remained unchanged.

Wall Street's lead is cautiously optimistic, with major indices opening flat on Monday and hovering around the breakeven line throughout most of the session before a late rally pushed them into positive territory.

The Dow Jones Industrial Average gained 17.15 points or 0.04 percent to end at a record 42,330.15. The NASDAQ Composite rose by 69.58 points or 0.38 percent to close at 18,189.17, and the S&P 500 increased by 24.31 points or 0.42 percent to finish at a record 5,762.48.

Initially, stocks faced pressure due to Federal Reserve Chair Jerome Powell's remarks indicating that the central bank would continue to lower interest rates, though the rate cuts are not on a predetermined course. Powell's comments somewhat tempered the optimism that the Fed would adopt an aggressive rate-cutting stance in the near term.

The Fed's next monetary policy meeting is slated for November 6-7, with CME Group's FedWatch Tool currently suggesting a 65.3 percent probability of a 25-basis-point rate cut and a 34.7 percent chance for a 50-basis-point reduction.

On the commodities front, oil futures ended flat on Monday, affected by uncertainty regarding the oil demand outlook from China. West Texas Intermediate Crude oil futures for November concluded at $68.17 a barrel, down by just $0.01.