FX.co ★ Win Streak May Continue For Thai Stock Market

The Thai stock market has shown encouraging growth in its recent performance, gaining more than 25 points or 2 percent in consecutive sessions. Currently, the Stock Exchange of Thailand hovers just above the 1,355-point mark and is predicted to continue this upward trend on Wednesday.

The global forecast suggests that Asian markets will perform strongly due to increasing optimism regarding earnings season. This comes on the back of strong performances in the European and U.S. markets, leading to the expectation that Asian markets will follow suit.

The positive trend in the Thai stock market stems from notable growth in the food, industrial, resource, service and technology sectors on Tuesday. The index increased by 7.94 points or 0.59 percent, finishing at 1,357.46, with more than 15.6 billion shares traded amounting to 46.656 billion baht. The market saw 363 gainers as opposed to 107 decliners, with 182 stocks remaining unchanged.

Numerous stocks demonstrated noticeable activity, including Advanced Info, Asset World, Banpu, Bangkok Bank, and Bangkok Dusit Medical. Furthermore, stocks such as Bangkok Expressway, B. Grimm, BTS Group, CP All Public, Gulf, and Kasikornbank showcased positive performance.

Positive influences from Wall Street are being felt as Dow Jones, NASDAQ, and S&P 500 all made considerable gains on Tuesday. Market performance was largely driven by quarterly earnings with companies such as Globe Life, GE Aerospace, Kimberly-Clark, and General Motors showing strong financial results.

In other economic news, the Commerce Department has noted a surprising increase in new home sales in March, despite a slump in building permits. As the week continues, traders will be keeping an eye on more economic data, including the first-quarter U.S. GDP data and the core personal-consumption expenditures (PCE) price index, the Federal Reserve's preferred measure of inflation.

Lastly, oil prices increased after data revealed a slowdown in the U.S. manufacturing activity for April, stoking hopes that the Federal Reserve will soon cut interest rates. Consequently, West Texas Intermediate crude oil futures for June rose 1.46 dollars or 1.78 percent, resulting in a closing price of 83.36 dollars per barrel.