Rebound expected for Thai stock market

(RTTNews) – Thailand’s stock market on Thursday ended its three-day winning streak in which it gained more than 20 points, or 1.5 percent. The Stock Exchange of Thailand now sits just above the 1,440-point plateau, although it could rebound again on Friday.

Global forecasts for Asian markets are optimistic thanks to strong results and support from crude oil. European and American markets finished higher and Asian stock markets are expected to continue this trend.

The SET ended sharply lower on Thursday following losses in the technology, consumer and packaging sectors.

For the day, the index lost 22.02 points or 1.51 percent to end at 1,440.46 after trading between 1,436.73 and 1,453.12. The volume was 10.909 billion shares worth 41.553 billion baht. There were 263 stocks down and 203 up, with 198 stocks finishing unchanged.

Among assets, Advanced Info rose 1.42 percent, while Thailand Airport climbed 2.07 percent, Asset World rose 1.12 percent, Banpu jumped 2.68 percent. cent, Bangkok Bank and Kasikornbank both collected 0.34 percent, Bangkok Dusit Medical fell 0.94 percent, Bangkok Expressway climbed 2.00 percent, BTS Group gained 1.67 percent, CP All Public gained 1.19 percent, Charoen Pokphand Foods rose 0.83 percent, Energy Absolute plunged 7.20 percent, Gulf rose 0.79 percent, Internet Thailand fell 8.61 percent, Krung Thai Card gained 0.54 percent, PTT Oil & Retail rose 0.68 percent, PTT accelerated by 2.33 percent, PTT Global Chemical jumped 1.98 percent, SCG Packaging fell 2.46 percent, Siam Commercial Bank added 0.44 percent, Siam Concrete rose 1.82 percent , True Corporation rose 0.84 percent, TTB Bank climbed 1.13 percent and Krung Thai Bank, B. Grimm, PTT Exploration and Production and Thai Oil remained unchanged.

Wall Street’s lead is positive since the main averages opened slightly lower on Thursday, but gradually increased and finished in the green.

The Dow rose 461.88 points or 1.06 percent to end at 43,870.35, while the NASDAQ rose 6.28 points or 0.03 percent to close at 18,972.42 and the S&P 500 advanced 31.60 points or 0.53 percent to finish at 5,948.71.

The Dow’s sharp rise came amid strong gains in IBM Corp. (IBM), Sherwin-Williams (SHW) and Salesforce (CRM).

The NASDAQ showed a lack of direction as traders tracked the performance of AI darling Nvidia (NVDA), which reported better-than-expected third-quarter earnings and revenue – but some traders expressed concerns about the slowdown in revenue growth.

In U.S. economic news, the Labor Department said last week that initial jobless claims unexpectedly fell to their lowest level in more than six months. Additionally, the Conference Board’s leading economic index fell more than expected in October.

Oil prices climbed Thursday as escalating geopolitical tensions due to the ongoing war between Russia and Ukraine offset recent data showing robust supply in the market. West Texas Intermediate crude oil futures for December closed up $1.35 or 1.96 percent at $70.10 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.