The Thai stock market has experienced a downtrend over recent trading sessions, declining by just over 3 points, or 0.2 percent, during this period. Currently, the Stock Exchange of Thailand is positioned just below the 1,465-point level and is predicted to open lower on Tuesday. The global outlook for Asian markets remains subdued, with expectations for a flat to slightly lower performance in light of the upcoming U.S. presidential election and the Federal Reserve's rate decision scheduled for this week. Both European and U.S. markets saw declines, and it is anticipated that Asian markets will follow a similar pattern.
On Monday, the SET saw a slight decline, influenced by losses in sectors such as food, consumer, finance, industrial, and property. The index fell by 1.22 points, or 0.08 percent, closing at 1,462.95, having fluctuated between 1,461.46 and 1,473.28 throughout the day. Trading volume reached 9.107 billion shares, amounting to 28.418 billion baht. The market recorded 309 decliners, 185 gainers, and 176 stocks that remained unchanged. Notably, Thailand Airport and BTS Group both experienced gains of 0.81 percent, Asset World rose by 0.53 percent, and Banpu improved by 0.79 percent. Conversely, Bangkok Bank and Kasikornbank each decreased by 0.34 percent, while Bangkok Dusit Medical, Bangkok Expressway, and others posted declines, with some shares like Thai Oil appreciating significantly, up 4.82 percent.
Wall Street's trend remained soft, as major indices fell on Monday, maintaining a near-parallel line for much of the day before closing in the red. The Dow Jones Industrial Average declined by 257.59 points, or 0.61 percent, to end at 41,794.60, the NASDAQ dropped 59.93 points, or 0.33 percent, to close at 18,179.98, and the S&P 500 decreased by 16.11 points, or 0.28 percent, to finish at 5,712.69.
The cautious behavior in trading on Wall Street reflected traders' hesitance to make significant moves ahead of the U.S. elections scheduled for Tuesday, where Vice President Kamala Harris is competing against former President Donald Trump. With polls indicating a closely contested race, the presidential election's outcome may not be immediately clear. Additionally, traders are anticipating the Federal Reserve's upcoming monetary policy announcement on Thursday. The Fed is likely to reduce interest rates by another 25 basis points, and there will be close attention paid to the accompanying statement for insights into potential future rate cuts.
On Monday, oil prices surged, driven by OPEC's decision to postpone plans for increased production and escalating concerns regarding tensions in the Middle East. West Texas Intermediate crude oil futures for December rose by $1.98, or approximately 2.85%, closing at $71.47 a barrel, marking the fourth consecutive session of gains.
Domestically, Thailand is set to release October's consumer price data later today. Overall inflation is anticipated to increase by 0.96 percent year-on-year, a rise from the 0.61 percent recorded in September. Meanwhile, Core CPI is projected to rise slightly by an annual 0.78 percent, up from 0.77 percent in the preceding month.