FX.co ★ Thai Stock Market Likely To Reverse Wednesday's Losses

After a two-day winning streak with an increase of just 0.2%, the Thai stock market took a slight hit on Wednesday. The Stock Exchange of Thailand now hovers just above the 1,385-point plateau, but it's poised to start Thursday on a positive note.

The international forecast for Asian markets is generally promising, with the selling observed in the previous session considered excessive. European and U.S. markets ended higher, hence it's expected that the Asian market will open on a similarly high note.

On Wednesday, the SET fell slightly due to losses in the food, finance, resource, and technology sectors. The index ended at 1,385.11, shedding 0.48% or 6.62 points, with trading between 1,378.76 and 1,386.86. The trading volume was 16.646 billion shares valued at 36.809 billion baht. There were more decliners than gainers, with 286 and 189 respectively, and 180 stocks remained unchanged.

In terms of activity, Advanced Info and CP All Public both fell by 0.47%, while Asset World went down by 0.97%. Conversely, Bangkok Bank grew by 0.35%, and True Corporation rose by 0.79%. TTB Bank, Kasikornbank, Siam Concrete and Thailand Airport saw no change in their stocks.

The Wall Street market was positive with major averages opening higher and remaining so through the session. The Dow increased by 0.40% while NASDAQ surged by 1.30% and the S&P 500 climbed by 0.96%.

Wall Street saw a bounce back due to apparent bargain hunting. Despite higher than anticipated inflation data dampening hopes for interest rate cuts, ongoing optimism about the market's outlook and continued economic strength are still expected to bring long-term benefits.

The Federal Reserve is also anticipated to lower interest rates in the coming months, potentially by June. However, Oil futures ended a seven-day winning streak with a decrease of roughly 1.6% due to a significant rise in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for March ended the day at $76.64 a barrel.