FX.co ★ Thai Bourse Due For Profit Taking On Friday

The Thai stock market has experienced consistent growth in the past four sessions, achieving a near 35-point or 2.5 percent increase. Despite this, the Stock Exchange of Thailand is expected to open lower on Friday, currently sitting just below the 1,365-point mark.

This forecast aligns with the global outlook for Asian markets, which is uncertain due to worries regarding interest rate predictions. In stark contrast, European and U.S. markets have demonstrated mixed performances— with the latter showing a decline that Asian markets are expected to replicate.

On Thursday, the Thai market saw slight growth as increases within the food, service, and technology sectors counterbalanced weaknesses within industrial and resources stocks. Consequently, the index rose by 3.17 points or 0.23 percent to close at 1,364.27. The day saw a trading range between 1,356.96 and 1,358.70, with 14.384 billion shares traded, totaling 41.468 billion baht in worth. A total of 272 stocks showed gains while 158 declined, and 219 remained unchanged.

Significant performers included Advanced Info with a 0.77 percent increase, and Thailand Airport that mirrored this gain with a 0.77 percent loss. Asset World added 0.46 percent, while Banpu dropped by 0.92 percent. Bangkok Dusit Medical rose by 1.77 percent, B. Grimm increased by 1.96 percent, and BTS Group gained 0.80 percent.

On Wall Street, things are less optimistic as most major averages opened lower on Thursday and stayed firmly in the negative throughout the day. Disappointing earning results from Meta Platforms and tech heavyweight IBM Corp largely contributed to Wall Street's early sell-off.

The U.S. economic news added to investors' concerns; the Commerce Department reported slower-than-expected first-quarter growth for the U.S. economy in 2024. Additionally, the personal consumption expenditures price index rose more than expected. These economic figures dampen the possibility of a near-term interest rate cut by the Federal Reserve, troubling investors.

Despite the slightly gloomy outlook, crude oil futures ended higher on Thursday, rebounding after recent losses despite slower U.S. GDP growth in the first quarter. West Texas Intermediate Crude oil futures for June closed higher by $0.76, or about 0.92%, at $83.57 a barrel.