FX.co ★ Thai Stock Market May Take Further Damage On Friday

The Thai stock market has experienced a downturn over the past two consecutive trading sessions, with declines totaling over 20 points or 1.3 percent. The Stock Exchange of Thailand is currently positioned slightly above the 1,440-point threshold, suggesting a likelihood for ongoing consolidation as we approach Friday's session.

The outlook for Asian markets remains relatively stable as investors await key U.S. employment figures to be released later today. Both European and U.S. markets have seen downturns, and Asian indices are anticipated to follow a similar trend upon opening.

On Thursday, the Stock Exchange of Thailand closed with moderate losses, affected by declines across multiple sectors, including food, consumer, finance, industrial, property, and services. Specifically, the SET index decreased by 8.67 points or 0.60 percent, concluding at 1,442.73 after fluctuating between 1,440.31 and 1,452.00. The trading volume reached 15.261 billion shares with a total value of 57.549 billion baht. The market saw 423 stocks decline, 105 gain, and 137 remain unchanged.

Notable movements included Advanced Info climbing by 1.89 percent and Thailand Airport up by 0.39 percent. Conversely, Banpu dropped by 2.16 percent, Bangkok Bank edged down by 0.33 percent, and Bangkok Dusit Medical saw a significant fall of 2.48 percent. Other companies like B. Grimm, BTS Group, CP All Public, and Charoen Pokphand Foods also experienced varied shifts, with Energy Absolute declining by 2.25 percent and Gulf making a notable rally of 2.21 percent. Various financial entities such as Kasikornbank and Krung Thai Bank faced downturns, while companies like PTT Oil & Retail and Siam Commercial Bank also recorded losses.

In the U.S., Wall Street's performance was subdued as major indices opened lower and maintained a downward trajectory for most of the day, ending with minor losses. The Dow Jones Industrial Average fell by 184.93 points or 0.44 percent to close at 42,011.59. The NASDAQ saw a marginal decline of 6.65 points or 0.04 percent, settling at 17,918.47, and the S&P 500 decreased by 9.60 points or 0.17 percent, ending at 5,699.94.

The hesitation observed on Wall Street can be attributed to traders showing caution ahead of the Labor Department's eagerly awaited monthly employment report due on Friday. This data is likely to influence perceptions of the U.S. economic trajectory as well as expectations concerning the Federal Reserve's approach to adjusting interest rates. Additionally, developments in the Middle East, where escalating conflicts have driven a sharp rise in crude oil prices, continue to capture traders' attention.

On Thursday, oil prices surged amid ongoing tensions in the Middle East, particularly the conflict involving Israel and Iran, which has prompted fears of potential supply disruptions. As a result, West Texas Intermediate crude oil futures for November rose significantly, increasing by $3.61 or 5.2 percent, closing at $73.71 per barrel.