FX.co ★ Lower Open Anticipated For Thai Stock Market

The Thai stock market has concluded lower in two out of three trading days following the cessation of a four-day winning streak, during which it gained over 20 points or 1.5 percent. Currently, the Stock Exchange of Thailand hovers just above the 1,450-point mark and is poised to face pressure again as the week begins.

The global forecast for Asian markets appears subdued, with expectations of profit-taking after last week’s substantial gains. While European markets saw declines, U.S. markets were mixed with minimal changes, suggesting that Asian markets may follow suit.

On Friday, the SET saw a slight decline as losses in financial, industrial, property, and technology stocks were partially offset by gains in the food, consumer, and resource sectors.

The index dropped by 3.15 points or 0.22 percent, closing at its daily low of 1,451.69 after peaking at 1,462.35. The trading volume amounted to 13.178 billion shares, valued at 67.577 billion baht. The session ended with 282 gainers, 223 decliners, and 167 stocks remaining unchanged.

Significant movers included Advanced Info down by 1.15 percent, Thailand Airport falling by 0.39 percent, and Asset World decreasing by 1.54 percent. Conversely, Banpu surged by 12.98 percent, while Bangkok Dusit Medical rose by 1.67 percent, and CP All Public edged up by 0.39 percent. Notable declines were seen in Bangkok Expressway down 1.23 percent, and True Corporation dropping by 1.77 percent. Several other stocks like Krung Thai Bank and PTT Exploration and Production remained unchanged.

Wall Street provided little clear direction as major indices started lower and largely stayed that way, though the Dow Jones managed a slight gain. The Dow rose by 38.16 points or 0.09 percent, closing at a record 42,063.36, while the NASDAQ dropped by 65.68 points or 0.36 percent to 17,948.32, and the S&P 500 decreased by 11.09 points or 0.19 percent to 5,702.55.

Over the week, the Dow increased by 1.6 percent, the NASDAQ climbed by 1.5 percent, and the S&P 500 advanced by 1.4 percent.

The early decline on Wall Street was partially due to profit-taking, with traders cashing in on Thursday's rally after the Federal Reserve's decision to cut interest rates by 0.5 percentage points. However, selling pressure subsided as the session progressed, with traders hesitating to make significant moves while awaiting the next market catalyst post-Fed rate cut.

Oil futures saw a slight decline on Friday, influenced mainly by profit-taking. West Texas Intermediate Crude for October delivery eased by $0.03 to settle at $71.92 per barrel.