FX.co ★ Thai Stock Market Due For Support On Tuesday

The Thai stock market has experienced a decline over the past three sessions, falling over 20 points or approximately 1.5%. The Stock Exchange of Thailand is currently situated just below the 1,300-point mark, though it might find some stabilization on Tuesday.

The outlook for Asian markets is largely unchanged as investors await significant U.S. employment data due later in the week. Both European and U.S. markets showed slight gains, and it is anticipated that Asian markets will follow this trend.

On Monday, the SET recorded minimal losses, with declines in the food and service sectors balanced by gains in the resource and technology sectors.

Specifically, the index decreased by 1.61 points, or 0.12%, closing at 1,299.35, within a trading range of 1,296.11 to 1,306.28. Trading volume was significant, with 7.167 billion shares valued at 29.761 billion baht. The market saw 268 decliners against 210 gainers.

Key movements included:

- Advanced Info increased by 0.96%

- Thailand Airport fell by 1.73%

- Asset World and Bangkok Bank each rose by 1.15%

- Banpu went up by 0.81%

- Bangkok Dusit Medical dropped by 2.80%

- Bangkok Expressway increased by 0.65%

- B. Grimm fell by 1.85%

- BTS Group declined by 1.79%

- CP All Public saw a rise of 0.45%

- Charoen Pokphand Foods decreased by 0.87%

- Energy Absolute surged by 12.50%

- Gulf decreased by 0.62%

- Krung Thai Card rose by 0.61%

- PTT Exploration and Production increased by 0.66%

- PTT Global Chemical jumped by 1.64%

- SCG Packaging fell by 0.74%

- Siam Commercial Bank increased by 0.49%

- Siam Concrete rose by 0.44%

- Thai Oil rallied by 1.89%

- True Corporation increased by 0.57%

- TTB Bank added 0.58%

- Shares of Kasikornbank, Krung Thai Bank, PTT Oil & Retail, and PTT remained unchanged.

U.S. markets exhibited cautious optimism, with Wall Street starting the week on a slightly higher note before making firmer gains by the end of the day.

The Dow edged up by 50.66 points or 0.13% to close at 39,169.52. The NASDAQ climbed 146.70 points or 0.83% to 17,879.30, and the S&P 500 rose by 14.61 points or 0.27% to 5,475.09.

Wall Street's modest performance can be attributed to traders anticipating the Labor Department's monthly jobs report, expected to show a slowdown in job growth for June, potentially influencing interest rate forecasts. Furthermore, market participants are waiting for comments from Fed Chair Jerome Powell on Tuesday and observing the Independence Day holiday on Thursday.

In U.S. economic developments, the Institute for Supply Management released data indicating a faster-than-expected contraction in manufacturing activity in June. Additionally, the Commerce Department reported a slight decline in construction spending in May.

Oil prices saw a significant increase on Monday due to anticipated higher demand, supply concerns, and OPEC's production cuts. West Texas Intermediate Crude oil futures went up by $1.84 or about 2.2% to close at $83.38 per barrel.