FX.co ★ Thai Stock Market Poised For Additional Support

The Thai stock market has seen upward movement for three consecutive sessions, accumulating nearly 10 points or a 0.7% increase. The Stock Exchange of Thailand is currently positioned just above the 1,450-point mark, with expectations of opening positively again on Wednesday.

The outlook for Asian markets suggests a modest increase, bolstered by the performance of technology firms. Despite declines in European markets, U.S. stock exchanges showed gains, which Asian markets are likely to mirror.

On Tuesday, the SET index registered a slight increase as positive performances from the consumer, finance, industrial, and service sectors were mostly counteracted by declines in the resource and technology sectors. The index rose by 0.60 points, or 0.04%, concluding at 1,452.80, with trading volumes ranging from 1,447.35 to 1,459.64. The day's trade saw 18.247 billion shares exchanged, valued at 54.780 billion baht, with 259 equities gaining, 207 declining, and 195 remaining unchanged.

Among notable stocks, Advanced Info decreased by 0.37%, while Thailand Airport grew by 0.78%. Other performances included Asset World's 0.55% gain, Banpu's 0.72% rise, and Bangkok Bank's 1.63% leap. Conversely, Bangkok Expressway declined by 1.21%, and other movements included BTS Group up by 0.44%, CP All Public up by 0.38%, and Energy Absolute down by 0.57%. Gulf fell by 1.68%, while Kasikornbank rallied with a 1.33% increase, and Krung Thai Bank climbed 0.97%. Both PTT and PTT Exploration and Production dipped by 0.74%, SCG Packaging soared by 1.69%, and Siam Commercial Bank slid by 0.45%. Additionally, Siam Concrete fell by 1.22%, Thai Oil by 0.49%, True Corporation by 0.90%, and TTB Bank by 0.53%. Charoen Pokphand Foods, Krung Thai Card, PTT Global Chemical, B. Grimm, PTT Oil & Retail, and Bangkok Dusit Medical remained unchanged.

Positive signals from Wall Street are indicated, as the main indices shifted from a mixed opening to positive territory, maintaining gains throughout the session. The Dow increased by 126.13 points or 0.30%, closing at 42,080.37. Meanwhile, the NASDAQ climbed 259.01 points or 1.45% to close at 18,182.92, and the S&P 500 grew by 55.19 points or 0.97% to conclude at 5,751.13.

The upswing on Wall Street was propelled by traders targeting value buys, particularly amongst technology stocks.

In economic news, the U.S. trade deficit reduced to $70.4 billion in August 2024, marking its lowest level in five months, down from a revised $78.9 billion in July. Exports increased by 2% to reach a record high of $271.8 billion, while imports decreased by 0.9% to $342.2 billion. Upcoming data releases include U.S. consumer and producer price inflation figures later this week.

Oil prices saw a sharp decline on Tuesday, as concerns about supply disruptions lessened, following reports that Israel is unlikely to target Iranian oil facilities. West Texas Intermediate Crude oil futures for November fell by $3.57 or 4.63%, settling at $73.57 per barrel.