FX.co ★ Thai Stock Market May Run Out Of Steam On Friday

The Thai stock market has experienced a bullish trend, rising for five consecutive sessions and accumulating over 25 points, equivalent to a 1.8% increase. The Stock Exchange of Thailand is now approaching the 1,470-point mark, although Friday may see a pause in this upward momentum.

The global financial outlook for Asian markets appears subdued due to diminished optimism regarding interest rate prospects. Both European and U.S. markets closed with slight declines, setting a likely similar trajectory for the Asian markets.

On Thursday, the SET recorded modest gains, primarily driven by the food, resource, and technology sectors. The index rose by 11.55 points, or 0.79%, closing at 1,468.52, fluctuating between 1,458.59 and 1,474.51 throughout the day. Trading volume reached 11.187 billion shares, valued at 50.447 billion baht. Among the traded stocks, 235 advanced, 220 declined, and 202 remained unchanged.

In particular movements, Advanced Info and Banpu edged up by 0.74%, while Thailand Airport climbed 0.78%. Bangkok Bank saw a decrease of 0.32%, and Bangkok Dusit Medical slipped 0.83%. B. Grimm surged 1.72%, BTS Group increased by 0.44%, and CP All Public rose 0.76%. Meanwhile, Charoen Pokphand Foods saw a significant advancement of 2.23%, and Energy Absolute fell by 1.12%. Gulf improved by 1.62%, Kasikornbank rose by 0.33%, and Krung Thai Bank enhanced by 0.48%. Other movements include Krung Thai Card gaining 0.52%, PTT Exploration and Production up 0.75%, with SCG Packaging dropping 1.77%, and Siam Concrete declining 0.83%. Thai Oil fell 0.99%, True Corporation soared 2.68%, TTB Bank decreased by 1.06%, while entities like Siam Commercial Bank, PTT Global Chemical, Asset World, PTT Oil & Retail, PTT, and Bangkok Expressway saw no change.

Elsewhere, Wall Street's performance suggests minor adjustments, as major indices began the day with modest declines and maintained this trajectory. The Dow decreased by 57.88 points, or 0.14%, closing at 42,454.12. The NASDAQ slipped 9.57 points, or 0.05%, ending at 18,282.05, while the S&P 500 dropped by 11.99 points, or 0.21%, closing at 5,780.05.

This slight downturn on Wall Street was influenced by a much-anticipated Labor Department report indicating that U.S. consumer prices in September rose slightly more than anticipated. This unexpected rise in consumer prices dampened hopes that the Federal Reserve would aggressively reduce interest rates in the near term.

Further negative sentiment was triggered by another Labor Department report showing a rise in first-time claims for U.S. unemployment benefits, which exceeded expectations last week.

Oil prices saw a notable increase on Thursday, driven by concerns over escalating tensions in the Middle East outweighing uncertainties about demand forecasts. West Texas Intermediate Crude oil futures for November rose sharply, gaining $2.61, or approximately 3.56%, to settle at $75.85 per barrel.