FX.co ★ Win Streak May Continue For Thai Stock Market

The Thai stock market has seen an upward trend over the last four sessions, gaining more than 30 points or 2.2 percent overall. The Stock Exchange of Thailand (SET) is currently positioned just below the 1,355-point mark and is expected to continue its upward trajectory on Monday.

The global forecast for Asian markets is optimistic, driven by positive sentiment regarding interest rates. European and U.S. markets have shown gains, and it's anticipated that Asian markets will follow suit.

The SET concluded strongly on Friday, with notable performances across sectors including financials, industrials, property, resources, and services. The index rose by 13.84 points or 1.03 percent, finishing at 1,354.87, within an intraday range of 1,340.59 to 1,355.52. Total trading volume was 13.998 billion shares, amounting to 62.577 billion baht. The market saw 369 gainers, 150 decliners, and 149 stocks that remained unchanged.

Notable market movers included Advanced Info, which gained 1.65 percent, and Thailand Airport, up by 0.42 percent. Asset World increased by 3.68 percent, Bangkok Bank soared by 3.64 percent, while Bangkok Dusit Medical saw a decline of 0.90 percent. Bangkok Expressway dropped by 3.80 percent, and B. Grimm climbed by 0.96 percent. CP All Public rose by 1.69 percent, Energy Absolute surged by an impressive 26.89 percent, and Gulf gained 0.50 percent. Heng Leasing skyrocketed by 10.17 percent, Kasikornbank accelerated by 2.14 percent, and Krung Thai Card climbed by 1.20 percent. PTT Oil & Retail saw an increase of 0.65 percent, PTT gained 0.73 percent, PTT Exploration and Production was up by 1.42 percent, and PTT Global Chemical surged by 3.91 percent. SCG Packaging rallied by 4.77 percent, Siam Commercial Bank spiked by 2.83 percent, and Siam Concrete advanced by 0.96 percent. Thai Oil dropped by 0.95 percent, while TTB Bank collected gains of 1.68 percent. Charoen Pokphand Foods, True Corporation, and Banpu remained unchanged.

Wall Street's lead is positive, as major indexes opened higher on Friday and maintained their gains throughout the day, closing near session highs. The Dow Jones Industrial Average jumped 462.28 points or 1.14 percent, finishing at 41,175.08. The NASDAQ rallied 258.39 points or 1.47 percent, closing at 17,877.79, and the S&P 500 advanced 63.97 points or 1.15 percent, concluding at 5,634.61.

For the week, the Dow rose by 1.3 percent, the NASDAQ by 1.4 percent, and the S&P 500 by 1.5 percent. The rebound on Wall Street was fueled by remarks from Federal Reserve Chair Jerome Powell, indicating a readiness to reduce interest rates at the next monetary policy meeting in September.

In other U.S. economic news, the Commerce Department reported a notable increase in new home sales in July.

Following an earlier rebound, crude oil prices continued to rise sharply on Friday. West Texas Intermediate crude for October delivery surged by $1.82 or 2.5 percent, closing at $74.83 a barrel, up from the $1.08 or 1.5 percent gain to $73.01 a barrel seen on Thursday. However, crude oil prices fell by 0.9 percent for the week due to earlier sell-offs.