FX.co ★ Thai Stock Market May Take Further Damage On Tuesday

The Thai stock market has experienced declines over the past two sessions, shedding more than 6 points, equivalent to a 0.4% decrease. The Stock Exchange of Thailand currently hovers just below the 1,490-point mark and anticipates a subdued opening on Tuesday.

The global outlook for Asian markets leans towards a downturn, as profit-taking is anticipated to impact many regions. European and U.S. markets closed mostly lower, setting a likely negative precedent for Asian exchanges.

On Monday, the SET index recorded a slight decline as losses in the industrial, technology, and property sectors were counterbalanced by gains in the resource and financial sectors. Specifically, the index dipped by 1.08 points, or 0.07%, to settle at 1,488.74, within a trading range of 1,482.75 to 1,494.67. The session saw a trading volume of 9.827 billion shares valued at 41.652 billion baht. In terms of market breadth, there were 265 declining stocks and 207 gaining stocks, with 191 remaining unchanged.

Among the active stocks, Advanced Info gained 0.71%, while Thailand Airport fell by 0.39%. Asset World decreased by 0.53%, Bangkok Bank dropped 0.32%, Bangkok Dusit Medical surged by 1.72%, and Bangkok Expressway rose by 0.61%. BTS Group increased by 0.88%, whereas CP All Public slipped by 0.74%. Charoen Pokphand Foods advanced by 0.97%, Energy Absolute dropped 1.79%, and Gulf increased 0.73%. Kasikornbank shed 0.99%, Krung Thai Bank went down 0.47%, and PTT Oil & Retail fell 0.60%. PTT gained 0.74%, PTT Exploration and Production dipped 0.39%, and PTT Global Chemical decreased by 0.98%. Siam Commercial Bank saw a significant rise of 3.64%, while Siam Concrete dropped 0.47%, and Thai Oil tumbled by 2.62%. True Corporation declined 1.68%, TTB Bank advanced 0.55%, and Krung Thai Card, SCG Packaging, Banpu, and B. Grimm remained unchanged.

Turning to Wall Street, market performance was mixed yet leaning towards weakness. The main indices opened on a downtrend Monday, with the NASDAQ making a late-session recovery into positive territory. The Dow Jones Industrial Average fell by 344.25 points, or 0.80%, to close at 42,931.25. Contrastingly, the NASDAQ edged up by 50.45 points, or 0.27%, to finish at 18,540.01. Meanwhile, the S&P 500 declined by 10.69 points, or 0.18%, to conclude at 5,853.98.

The varied outcomes on Wall Street were driven by profit-taking activity pulling the Dow from its historic highs, while a surge in technology shares pushed the NASDAQ to a three-month high. Overall trading volume was relatively muted as investors awaited a wave of corporate earnings from major companies due later in the week.

In other economic developments, the Conference Board reported an unexpected decline in its index of leading U.S. economic indicators for September.

In the commodities market, oil prices experienced an uptick on Monday, fueled by potential supply disruptions amid escalating tensions in the Middle East. West Texas Intermediate Crude oil futures for November delivery rose by $1.34, or 1.94%, closing at $70.56 per barrel.