The Thai stock market has experienced a decline over the past two sessions, dropping more than 15 points or 1 percent. Currently, the Stock Exchange of Thailand (SET) hovers just above the 1,415-point mark, though it’s anticipated to open positively on Thursday.The global outlook for Asian markets is favorable, buoyed by optimism regarding interest rates. While European markets presented mixed results, U.S. markets performed well, setting a positive precedent for Asian exchanges.On Wednesday, the SET saw a modest decline, impacted by losses across various sectors including food, consumer goods, industrials, property, resources, services, and technology. The index fell by 12.62 points, or 0.88 percent, to close at 1,415.41, fluctuating between a low of 1,405.30 and a high of 1,428.13. Trading volume reached 11.555 billion shares, worth 74.002 billion baht. The day ended with 387 stocks declining, 135 gaining, and 143 remaining unchanged.Noteworthy among the companies, Thailand Airport decreased by 0.40 percent, Asset World dropped 1.65 percent, while Banpu fell 0.85 percent. Bangkok Bank increased by 0.65 percent, Bangkok Dusit Medical lost 2.52 percent, and Bangkok Expressway declined by 0.62 percent. B. Grimm showed a rise of 1.30 percent, while BTS Group fell 1.69 percent, and CP All Public decreased by 1.52 percent. Charoen Pokphand Foods slipped 1.78 percent, Energy Absolute plummeted 3.47 percent, and Gulf fell 0.45 percent. Kasikornbank rose 0.32 percent, Krung Thai Bank lost 0.49 percent, whereas Krung Thai Card gained 0.56 percent. PTT Oil & Retail fell by 1.18 percent, PTT declined by 2.22 percent, PTT Exploration and Production dropped 1.07 percent, and PTT Global Chemical tanked by 2.73 percent. SCG Packaging advanced by 0.89 percent, Siam Commercial Bank added 0.45 percent, Siam Concrete retreated by 1.24 percent, Thai Oil dropped 3.21 percent, and TTB Bank fell 0.98 percent. Advanced Info and True Corporation remained unchanged.The sentiment from Wall Street is positive as the major indices overcame early losses and trended upward, closing near session highs. The Dow rose by 124.75 points, or 0.31 percent, ending at 40,861.71. The NASDAQ surged by 369.65 points, or 2.17 percent, to close at 17,395.53, and the S&P 500 increased by 58.61 points, or 1.07 percent, finishing at 5,554.13.The initial decline on Wall Street followed the release of the Labor Department’s consumer price inflation report for August. Despite consumer prices aligning with economists’ estimates, core consumer prices rose slightly more than expected. This data initially reduced the likelihood of the Federal Reserve cutting interest rates by 50 basis points in the upcoming week. However, the selling pressure diminished significantly throughout the session as it is still anticipated that the Fed will continue to lower rates in the coming months.Crude oil prices rebounded on Wednesday, recovering from a three-year low due to concerns about prolonged production shutdowns in the offshore oil sector caused by Hurricane Francine. West Texas Intermediate Crude oil futures for October rose by $1.56, or 2.37 percent, to $67.31 per barrel.Closer to home, Thailand is expected to release its August consumer confidence index later today; the index score for July was 57.7.The material has been provided by InstaForex Company – www.instaforex.com
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