FX.co ★ Thai Shares May See Profit Taking On Thursday

Ahead of Wednesday's Labor Day holiday, the Thai stock market has been on a positive trend for two consecutive sessions, accumulating nearly 10 points or a 0.7 percent increase. Currently, the Stock Exchange of Thailand is hovering just above the 1,365-point mark, but it may face a downward pressure when it opens on Thursday.

Globally, the economic forecast for Asian markets remains uncertain, following the Federal Reserve's rate decision and announcement. European markets have seen a downturn, while US bourses have shown mixed results. Based on these factors, Asian markets are predicted to experience contrasting outcomes.

On Tuesday, the SET marginally increased due to positive performance from the food, financial and service sectors. In contrast, there were slight downturns in the technology and industrial sectors.

On that day, the index increased by 5.98 points or 0.44 percent to reach 1,367.95, having been traded between 1,363.21 and 1,372.85. The trade volume consisted of around 14.638 billion shares valued at 44.917 billion baht. The stock market observed 292 gainers against 168 decliners, with 197 shares remaining stable.

Among the active stocks, Advanced Info increased by 0.25 percent, Thailand Airport grew by 1.56 percent, and other companies like Banpu, Bangkok Bank, Bangkok Dusit Medical, and Bangkok Expressway showed positive growth. However, certain stocks like Asset World, Thai Oil, True Corporation, and TTB Bank witnessed decreased percentages.

Market drivers from Wall Street offer limited insights as the major averages remained steady on Wednesday until the Federal Reserve's monetary policy announcement caused a temporary surge. This surge, however, quickly receded, leaving the markets with mixed close results.

The Dow advanced by 87.37 points or 0.23 percent to end at 37,903.29, while NASDAQ declined by 52.34 points or 0.33 percent, settling at 15,605.48. The S&P 500 fell by 17.30 points or 0.34 percent to close at 5,018.39.

The Federal Reserve has decided to maintain the current interest rates, citing a need for continued progress towards their two percent inflation goal. The decision reflects the organization's intent to gain more reassurance that inflation is moving sustainably toward two percent before considering a decrease in interest rates.

In other economic news, a report by ADP showed a higher than expected increase in private sector employment in April.

Oil prices, on the other hand, reached a seven-week low on Wednesday after data revealed a significant and unexpected increase in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for June ended lower by $2.93 at $79.00 a barrel, marking the lowest settlement since March 12.