Thai Equities Seek Stabilization After Four-Day Decline

The Thai stock market has experienced a consecutive four-session downturn, shedding over 30 points or approximately 2.4 percent. The Stock Exchange of Thailand (SET) index now hovers just below the 1,290-point mark, with potential for a rebound on Wednesday as support levels come into focus.

Global market indicators suggest limited movement in Asia ahead of crucial U.S. employment data due Friday. While European markets closed lower, U.S. exchanges finished higher, potentially setting a positive tone for Asian equities.

The SET index declined modestly on Tuesday, impacted by losses across financial, industrial, property, resource, service, and technology sectors.

On the day, the index dropped 10.77 points, or 0.83 percent, to settle at 1,288.58, after trading in a range between 1,286.83 and 1,297.85. Trading volume reached 10.371 billion shares valued at 38.247 billion baht, with 391 stocks declining, 110 advancing, and 159 remaining unchanged.

Among prominent stocks, Advanced Info fell 0.47 percent, Thailand Airport surrendered 1.76 percent, Banpu dropped 2.42 percent, Bangkok Bank declined 0.38 percent, B. Grimm rose 0.47 percent, BTS Group plunged 2.73 percent, CP All Public slumped 0.45 percent, Charoen Pokphand Foods surged 3.96 percent, Energy Absolute plummeted 5.56 percent, Gulf stumbled 1.24 percent, Kasikornbank sank 0.80 percent, Krung Thai Bank and TTB Bank both lost 0.58 percent, Krung Thai Card tumbled 1.83 percent, PTT Oil & Retail fell 1.25 percent, PTT Global Chemical retreated 1.61 percent, SCG Packaging declined 0.75 percent, Thai Oil gained 0.93 percent, True Corporation added 0.57 percent, while Siam Commercial Bank, Siam Concrete, Asset World, PTT, PTT Exploration and Production, Bangkok Dusit Medical, and Bangkok Expressway remained unchanged.

Wall Street provided a positive lead, with major averages initially lower but surging late in the session to close in positive territory.

The Dow Jones Industrial Average jumped 162.33 points, or 0.41 percent, to finish at 39,331.85. The NASDAQ Composite rallied 149.46 points, or 0.84 percent, to close at 18,028.76, and the S&P 500 gained 33.92 points, or 0.62 percent, ending at 5,509.01.

The softer opening on Wall Street followed remarks from Federal Reserve Chair Jerome Powell, who acknowledged progress on inflation but emphasized the need for further data before considering interest rate cuts.

Stocks advanced as bond yields declined, with investors focusing on upcoming key employment reports later in the week.

Oil prices fell Tuesday, easing concerns over supply disruptions from Hurricane Beryl. West Texas Intermediate crude futures for August dropped $0.57, or about 0.7 percent, to settle at $82.81 per barrel.

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