The Thai stock market is demonstrating robust resilience, having concluded six consecutive trading sessions in positive territory. This sustained upward trend has seen the Stock Exchange of Thailand (SET) advance by nearly 55 points, or approximately 3.7 percent, during this period. The index now comfortably sits above the 1,570-point mark, and market indicators suggest a favorable outlook for further gains as trading commences on Thursday.
Market Momentum Builds on Positive Sentiment
This recent winning streak follows a period where the Thai market had already shown strength, with three straight sessions of gains adding close to 25 points, or about 2 percent, to the SET index. The exchange concluded the previous week just above the 1,310-point plateau, with expectations of an upside opening on Monday. The broader Asian markets are currently benefiting from an improved outlook on interest rates, contributing to a generally upbeat sentiment.
In contrast to the mixed performance seen in European markets, U.S. bourses have experienced upward movement. Asian markets are anticipated to reflect a blend of these global trends. On Friday, the SET index closed modestly higher, buoyed by gains across a diverse range of sectors including food, finance, industrial, property, resource, service, and technology.
Friday’s Trading Session Highlights
The index gained 10.95 points, or 0.84 percent, to finish at 1,311.99 on Friday. Trading activity saw the index fluctuate between a low of 1,298.43 and a high of 1,312.75. Trading volume was substantial, with 11.774 billion shares changing hands, valued at 32.992 billion baht. The market breadth was positive, with 354 stocks advancing and 97 declining, while 199 stocks remained unchanged.
Among the actively traded stocks, Thailand Airport saw a slight dip of 0.44 percent. However, Asset World experienced a significant surge, climbing 2.25 percent. Banpu demonstrated strong performance with a 4.00 percent increase. Other notable movers included Bangkok Bank, which collected 0.37 percent, and Bangkok Dusit Medical, up by 0.94 percent. Bangkok Expressway rose 0.66 percent, and B. Grimm increased by 0.47 percent. CP All Public spiked 1.37 percent, while Charoen Pokphand Foods added 0.43 percent. Energy Absolute was a standout performer, skyrocketing by an impressive 12.30 percent. Kasikornbank improved by 1.57 percent, though Krung Thai Card retreated by 1.28 percent. PTT Oil & Retail strengthened by 1.26 percent, and PTT perked up by 0.76 percent. PTT Exploration and Production gathered 0.33 percent, and PTT Global Chemical rallied 1.65 percent. Siam Commercial Bank advanced by 0.96 percent, and Siam Concrete gained 0.44 percent. Thai Oil accelerated by 1.36 percent, while True Corporation slumped 1.12 percent. TTB Bank jumped 1.72 percent. Several major stocks, including Krung Thai Bank, SCG Packaging, Advanced Info, Gulf, and BTS Group, closed unchanged.
Global Market Influences
The positive sentiment in the Thai market is partly influenced by the performance of Wall Street. Major U.S. averages, after opening flat, generally trended higher throughout the trading day, closing near their session highs. The Dow Jones Industrial Average added 67.87 points, or 0.17 percent, to finish at 39,375.87. The NASDAQ Composite rallied significantly, gaining 164.46 points, or 0.90 percent, to close at a record 18,352.76. The S&P 500 also reached a new high, gaining 30.17 points, or 0.54 percent, to end at 5,567.19.
For the entire holiday-interrupted week, the NASDAQ saw a substantial spike of 3.5 percent, the S&P 500 surged by 2.0 percent, and the Dow advanced by 0.7 percent. The strength on Wall Street was partly attributed to the release of the U.S. Labor Department’s monthly jobs report for June. While employment figures exceeded expectations, the report also included downward revisions for job growth in April and May, alongside an unexpected uptick in the unemployment rate. This data fueled optimism that the Federal Reserve might consider lowering interest rates in the near future, leading to a decrease in Treasury yields.
In commodity markets, oil futures experienced a slight decline on Friday but still managed to post their fourth consecutive weekly gain. This resilience in oil prices is underpinned by optimism regarding the outlook for demand. West Texas Intermediate (WTI) Crude oil futures for August delivery ended down by $0.72, or 0.86 percent, at $83.16 a barrel, though WTI crude futures gained approximately 2 percent over the week.
The confluence of positive domestic sector performance and supportive global economic indicators, particularly concerning interest rate expectations and U.S. market strength, provides a solid foundation for the Thai stock market to potentially extend its current winning streak.
