The Thai stock market is expected to continue its upward trend on Tuesday following three consecutive sessions of gains. The Stock Exchange of Thailand (SET) has seen a rise of over 15 points or 1 percent during this period, pushing the index above the 1,535-point mark. The overall global forecast for Asian markets is cautiously optimistic, as investors look for bargains after a rough couple of sessions. European markets were mixed, while the US bourses closed slightly higher. Asian markets could follow suit and find a middle ground between the two.
Thai Stock Market Set to Extend Gains on Tuesday
The SET finished slightly higher on Friday, with gains in the food, service, and technology sectors being offset by weakness in the industrials. Despite this, the index managed to rise by 1.75 points or 0.11 percent to close at 1,535.16. The trading range for the day was between 1,528.95 and 1,540.19. Volume was 13.143 billion shares worth 61.828 billion shares. Decliners narrowly outnumbered gainers, with 235 decliners and 228 gainers, while 184 stocks finished unchanged.
Among the active stocks, Thailand Airport saw a rise of 0.35 percent, while Asset World crashed by 10.09 percent and Banpu plunged by 2.60 percent. Bangkok Bank shed 0.57 percent, and Bangkok Dusit Medical slumped by 1.71 percent. On the other hand, Bangkok Expressway jumped by 1.70 percent, and CP All Public surged by 2.93 percent. Charoen Pokphand Foods also spiked by 2.04 percent.
Asian Markets Hopeful as Cautious Optimism Returns
The global forecast for Asian markets is cautiously optimistic due to a resurgence in bargain hunting following a couple of rough trading sessions. While the European markets had a mixed performance, the US bourses closed slightly higher. As a result, Asian markets are expected to follow a similar pattern and find a middle ground between the two regions. Investors are hopeful that the recent dips present attractive buying opportunities.
SET Finishes Slightly Higher; Food and Tech Stocks Lead
The SET finished slightly higher on Friday, thanks to gains made by food, service, and technology stocks. However, this bullish trend was neutralized by weakness in the industrials sector. The index rose by 1.75 points or 0.11 percent to close at 1,535.16. The trading volume for the day stood at 13.143 billion shares with a total value of 61.828 billion shares. Declining stocks slightly outnumbered gaining stocks, with 235 decliners and 228 gainers. Markedly, 184 stocks finished unchanged.
Wall Street Ends in Green as Bargain Hunting Boosts Markets
Wall Street ended on a positive note on Monday, as the major indices opened lower but quickly rebounded on bargain hunting. The NASDAQ and S&P 500 indices bounced higher and stayed in positive territory, while the Dow remained near the unchanged mark for most of the session before finishing slightly higher. This upward trend was driven by investors seeking opportunities after the previous session saw both the NASDAQ and S&P 500 at their lowest closing levels in a month. However, overall trading activity remained subdued due to a lack of major US economic data.
Oil Prices Drop on Concerns for Energy Demand
Oil prices saw a decline on Monday due to concerns about the outlook for energy demand and a stronger dollar. West Texas Intermediate (WTI) Crude oil futures for September closed lower by $0.68 or 0.8 percent at $82.51 a barrel. The drop in oil prices reflects worries about the future demand for energy as well as the impact of a stronger US dollar. These factors have put downward pressure on oil prices in recent trading sessions. It remains to be seen how the market will respond and if prices will stabilize in the coming days.
With the Thai stock market poised to extend its recent gains, there is a sense of cautious optimism in global markets. Bargain hunting is driving investors to search for attractive buying opportunities following a rough period. The Asian markets are looking to strike a balance between the mixed performance of European markets and the slightly higher close on Wall Street. Oil prices, however, have dropped due to concerns about energy demand and the strength of the US dollar. This could have implications for the overall market sentiment.
Analyst comment
Positive news: The Thai stock market is expected to continue its upward trend, following three consecutive sessions of gains. The overall global forecast for Asian markets is cautiously optimistic, as investors look for bargains after a rough couple of sessions.
As an analyst, I predict that the Thai stock market will continue to rise, driven by bargain hunting and the positive sentiment in global markets. However, the drop in oil prices and concerns about energy demand could impact market sentiment.
