FX.co ★ Higher Open Anticipated For Thai Stock Market

On Monday, the Thai stock market ended a three-day winning streak, during which it had gained over a dozen points, or 0.9 percent. The Stock Exchange of Thailand (SET) now sits just above the 1,325-point threshold, although it may trend upward again on Tuesday. The generally optimistic global outlook for interest rates is expected to positively influence the Asian markets, despite European markets dipping and U.S. bourses rising.

The SET closed slightly lower on Monday, with sectors such as food, finance, industrial, and resources experiencing losses, while technology stocks provided mild support. The index dropped 4.61 points, or 0.35 percent, to settle at 1,327.43 after fluctuating between 1,320.56 and 1,328.51. The trading volume was 9.395 billion shares, amounting to 33.645 billion baht. The session saw 378 decliners, 116 gainers, and 158 unchanged stocks.

Among the active stocks, Advanced Info gained 0.90 percent, while Asset World added 0.52 percent. On the flip side, Banpu retreated 2.79 percent, and Bangkok Bank tumbled 1.85 percent. Bangkok Dusit Medical rose 1.92 percent, whereas B. Grimm sank 0.88 percent. BTS Group fell 1.36 percent, CP All Public and Siam Concrete both declined by 0.44 percent. Additionally, Charoen Pokphand Foods shed 0.41 percent, Gulf climbed 1.18 percent, Kasikornbank plunged 2.73 percent, and Krung Thai Card collected 0.65 percent. PTT Oil & Retail declined by 1.82 percent, PTT Exploration and Production dropped 0.99 percent, and PTT Global Chemical plummeted 3.28 percent. SCG Packaging stumbled 2.44 percent, Siam Commercial Bank dropped 3.29 percent, and Thai Oil decreased by 0.94 percent. True Corporation improved by 0.55 percent, while TTB Bank tanked 2.21 percent. Krung Thai Bank, Energy Absolute, PTT, Thailand Airport, and Bangkok Expressway all remained unchanged.

Wall Street provided a positive lead, with major averages opening higher on Monday and maintaining an upward trajectory throughout the session, resulting in fresh record closes despite choppy trading conditions. The Dow Jones Industrial Average rallied 210.82 points, or 0.53 percent, to finish at 40,211.72. The NASDAQ gained 74.12 points, or 0.40 percent, closing at 18,472.57, and the S&P 500 rose 15.87 points, or 0.28 percent, ending at 5,631.22. The buoyancy on Wall Street was driven largely by comments from Federal Reserve Chair Jerome Powell, who indicated that the central bank would not wait for inflation to hit 2 percent before cutting interest rates.

On the economic front, a Federal Reserve Bank of New York report indicated that regional manufacturing activity contracted at a slightly faster rate in July. Crude oil futures settled lower on Monday, pressured by political uncertainty following an assassination attempt on former President Donald Trump and weak economic data from China. West Texas Intermediate crude oil futures for August ended down $0.30, closing at $81.91 per barrel.