FX.co ★ Thai Shares May Snap Losing Streak

The Thai stock market continued its downward trend, declining for consecutive trading days and losing over 10 points or 0.7 percent in total. As of the latest update, the Stock Exchange of Thailand (SET) is situated slightly above the 1,320-point mark, but there is optimism that the market might stabilize on Wednesday.

The global forecast for Asian markets appears positive, bolstered by strong earnings reports and favorable interest rate projections. While European markets experienced a downturn, U.S. markets saw an uptick, which is expected to influence Asian markets to follow suit.

On Tuesday, the SET closed slightly lower, with losses observed in the consumption, industrial, property, resource, and service sectors. However, technology and financial stocks provided some support. The index dropped 6.12 points or 0.46 percent, closing at 1,321.31 after fluctuating between 1,320.08 and 1,330.84. Trading volume stood at 9.946 billion shares, valuing at 36.070 billion baht, with 351 decliners and 156 gainers, and 153 stocks remaining unchanged.

Notable market movements included Advanced Info slipping by 1.35 percent, Thailand Airport decreasing by 0.85 percent, while Asset World increased by 0.52 percent. Banpu fell by 1.87 percent, Bangkok Bank surged by 2.63 percent, and B. Grimm saw a 0.45 percent gain. BTS Group experienced a significant drop of 5.07 percent, CP All Public dipped by 0.44 percent, and Charoen Pokphand Foods fell by 0.41 percent. Energy Absolute plummeted by 30.15 percent, Gulf decreased by 1.17 percent, and Kasikornbank advanced by 0.80 percent. Meanwhile, Krung Thai Bank decreased by 0.57 percent, Krung Thai Card strengthened by 1.29 percent, PTT Oil & Retail increased by 0.62 percent, PTT dropped by 2.29 percent, PTT Exploration and Production fell by 2.34 percent, and PTT Global Chemical retreated by 1.69 percent. SCG Packaging improved by 0.83 percent, Siam Commercial Bank lost 0.49 percent, Siam Concrete declined by 1.32 percent, and Thai Oil slid by 0.47 percent. TTB Bank collected a gain of 0.56 percent, while True Corporation, Bangkok Dusit Medical, and Bangkok Expressway remained unchanged.

On Wall Street, the Dow surged by 742.76 points or 1.85 percent, closing at a record 40,945.48. The NASDAQ added 36.77 points or 0.20 percent, closing at 18,509.34, and the S&P 500 rose by 35.98 points or 0.64 percent, ending at a record 5,667.20.

This strength was driven by positive earnings reports from notable companies such as UnitedHealth (UNH), Bank of America (BAC), and Morgan Stanley (MS). Additionally, traders reacted favorably to U.S. economic data, including a Commerce Department report showing stagnant retail sales for June and a Labor Department report indicating that import prices remained flat while export prices decreased by 0.5 percent.

Gold stocks saw significant gains following a sharp increase in gold prices, with the NYSE Arca Gold Bugs Index climbing by 3.4 percent to reach a two-year closing high.

Oil prices continued their downward trajectory for the third consecutive session due to demand concerns and a slightly stronger dollar. West Texas Intermediate Crude oil futures for August fell by $1.15 or 1.4 percent, settling at $80.76 per barrel.