FX.co ★ Thai Stock Market Tipped To Erase Thursday's Losses

The Thai stock market broke its two-day winning streak on Thursday, where it had garnered nearly 10 points or 0.7 percent. Now, The Stock Exchange of Thailand hovers just below the 1,365-point plateau, but predictions indicate a potential rise on Friday.

The global forecast for Asian markets is optimistic due to a better interest rate outlook. While European markets presented mixed results, U.S. markets rose, and it is expected that Asian markets will emulate this upward trend.

During the day, the Thai market experienced slight losses, primarily due to declines in the consumer, financial, industrial and resource sectors. Meanwhile, technology stocks enjoyed a surge due to bargain hunting.

By the end of trading day, the index had dropped by 4.70 points or 0.34 percent to close at 1,363.25, having fluctuated between 1,362.84 and 1,372.01. Trading volume reached 15.792 billion shares worth 48.921 billion Baht, with 318 decliners, 169 gainers and 171 stocks remaining unchanged.

Actively traded stocks included Advanced Info which rallied 4.81 percent and Thailand Airport which added 0.38 percent. Additional prominent performers included CP All Public and Charoen Pokphand Foods, gaining 2.17 and 3.54 percent respectively.

Meanwhile, Thursday trade ended on Wall Street on a high note, with major averages opening higher and strengthening as the day progressed, closing close to session highs.

The Dow surged 322.37 points or 0.85 percent to conclude at 38,225.66, while the NASDAQ rallied 235.48 points or 1.51 percent to finish at 15,840.96. The S&P 500 advanced 45.81 points or 0.91 percent to end the day at 5,064.20.

Strength in Wall Street emerged as traders breathed a sigh of relief following the Federal Reserve's monetary policy announcement the previous day, which allayed fears of an interest hike.

Economic data such as the Labor Department's report on a surge in labor costs in the first quarter of 2024 and the consistent initial jobless claims sparked a wave of volatility among traders. Another report from the Commerce Department noted a slight shrinking of the U.S. trade deficit in March.

Oil futures were unable to sustain early gains and fell slightly on Thursday due to waning concerns on supply disruptions and growing worries over economic growth and energy demand forecasts. Consequently, West Texas Intermediate Crude oil futures for June closed down by $0.05 at $78.95 a barrel.