FX.co ★ Thai Stock Market May Test Resistance At 1,400 Points

The Thai stock market has been on a steady rise, gaining almost 10 points or 0.7% over two consecutive sessions. The Stock Exchange of Thailand now hovers slightly above the 1,380-point plateau, with indications of possibly more support in the near future.

The global forecast for Asian markets is optimistic, powered by positive expectations for interest rates. This optimism has been echoed across European and U.S. markets, which were on the rise and it's expected the upward trajectory in Asia will correspond.

The SET (Stock Exchange of Thailand) edged marginally higher on Wednesday, bolstered by modest gains from the food, property, and service sectors. These increments were, however, partially offset by losses from the industrial, resource, and technology sectors.

By the end of the trading day, the index rose by 3.60 points or 0.26%, closing at 1,380.83 with trading fluctuating between 1,374.92 and 1,385.07. Trading volume comprised 17.635 billion shares valued at 31.831 billion baht. In total, there were 253 gainers and 199 decliners, while 203 stocks remained static.

Among active stocks, Advanced Info increased by 0.49%, Asian Marine saw a significant 8.13% rise, Thailand Airport saw a rally at 1.55%, while Asset World registered a gain of 1.48%. Others like Banpu made a slight headway by 0.90%, but Bangkok Bank and Energy Absolute both reported losses of 0.71%.

Positive momentum was noted from Wall Street, where the major averages saw notable rises across the board on Wednesday. The Dow made impressive gains, surging 477.75 points or 1.22% to wrap up at 39,760.08. Meanwhile, the NASDAQ rallied 83.82 points or 0.51% closing at 16,399.52, and the S&P 500 rose by 44.91 points or 0.86% to finish at 5,248.49.

Factors contributing to this bullish market performance included a decrease in treasury yields, feeding optimism about the interest rates outlook after last week's Federal Reserve's policy announcement. Despite keeping interest rates unchanged, officials maintained their forecast for three rate cuts this year.

A dip in crude and gasoline inventories in the U.S. led to oil prices dropping on Wednesday. Specifically, West Texas Intermediate Crude oil futures for May ended lower by $0.27 or 0.33% at $81.35 a barrel.

The markets will be non-operational on Good Friday.