FX.co ★ Thai Stock Market May Stop The Bleeding On Tuesday

The Thai stock market has experienced a decline for two consecutive trading sessions, losing nearly 10 points or 0.7 percent over the period. Nevertheless, the Stock Exchange of Thailand is now perched slightly over the 1,385-point mark and is projected to experience a boost on Tuesday.

A robust global forecast underpins the anticipated upturn for Asian markets, buoyed by technology and oil stocks. While the European markets saw a decline, U.S. bourses closed higher; a trajectory Asian markets are likely to echo.

On Monday, the SET had a subtle slide as losses from the consumer, industrial, and resource sectors were countered by the finance and technology sectors' support. The index dipped marginally by 0.10 points or 0.01 percent, closing at 1,385.94 after fluctuating between 1,385.01 and 1,393.46. Trading volume reached 12.937 billion shares worth 37.393 billion baht. In total, there were 288 decliners and 198 gainers, with 170 stocks remaining unchanged.

Some of the key contributors were Advanced Info, which rose by 1.46 percent, and Thailand Airport, which dipped by 0.75 percent. Other notables include Bangkok Bank, which collected 0.72 percent, and Bangkok Expressway, which plunged 2.38 percent. B. Grimm showed an uptick by 0.89 percent and PTT Global Chemical fell by 1.88 percent.

Wall Street's positive trend heavily influences the Thai market outlook, as large averages opened robustly on Monday and stayed green till close. The Dow advanced 75.66 points or 0.20 percent, closing at 38,790.43, whereas the NASDAQ jumped 130.27 points or 0.82 percent to end at 16,103.45. The S&P 500 gained 32.33 points or 0.63 percent, finishing at 5,149.42.

There are high expectations for the Federal Reserve's two-day monetary policy meeting on Tuesday and Wednesday. It's widely foreseen that interest rates will remain intact considering recent inflation readings, which have diminished expectations for a rate cut in June.

On the oil front, price escalation on Monday was spurred by worries about supply due to geopolitical risks related to Ukraine's continued drone strikes on Russian oil refineries, as well as data indicating a dip in crude exports from Iraq and Saudi Arabia. Futures for West Texas Intermediate Crude oil for April leaped $1.68 or 2.1 percent, closing at $82.72 per barrel.