The Thai stock market has moved higher in four straight sessions, advancing almost 35 points or 2.5 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,365-point plateau although it\'s likely to open under water on Friday.
The global forecast for the Asian markets is sift on concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The SET finished slightly higher on Thursday as gains from the food, service and technology sectors were offset by weakness from the industrial and resource stocks.
For the day, the index rose 3.17 points or 0.23 percent to finish at 1,364.27 after trading between 1,356.96 and 1,358.70. Volume was 14.384 billion shares worth 41.468 billion baht. There were 272 gainers and 158 decliners, with 219 stocks finishing unchanged.
Among the actives, Advanced Info improved 0.77 percent, while Thailand Airport lost 0.77 percent, Asset World added 0.46 percent, Banpu dropped 0.92 percent, Bangkok Dusit Medical accelerated 1.77 percent, B. Grimm jumped 1.96 percent, BTS Group gained 0.80 percent, CP All Public rallied 1.32 percent, Kasikornbank fell 0.39 percent, Krung Thai Bank strengthened 0.39 percent, Krung Thai Card collected 0.58 percent, PTT sank 0.74 percent, PTT Exploration and Production declined 1.26 percent, PTT Global Chemical retreated 1.33 percent, SCG Packaging plunged 2.26 percent, Thai Oil plummeted 3.39 percent, True Corporation slumped 1.27 percent, TTB Bank shed 0.56 percent and Charoen Pokphand Foods, Bangkok Bank, Siam Commercial Bank, Siam Concrete, Energy Absolute, Gulf, PTT Oil & Retail and Bangkok Expressway were unchanged.
The lead from Wall Street is negative as the major averages opened lower on Thursday and remained solidly in the red throughout the session.
The Dow plunged 375.12 points or 0.98 percent to finish at 38,085.80, while the NASDAQ tumbled 100.99 points or 0.64 percent to close at 15,611.76 and the S&P 500 sank 23.21 points or 0.46 percent to end at 5,048.42.
A negative reaction to earnings news from Meta Platforms (META) and tech giant IBM Corp. (IBM) contributed to the early sell-off on Wall Street.
In economic news, the Commerce Department released a report showing the U.S. economy grew by much less than expected in the first quarter of 2024. Also, the Commerce Department said the personal consumption expenditures price index climbed more than expected.
Both of those economic results were bad news for investors as they damaged the likelihood of an interest rate cut by the Federal Reserve in the near future.
Crude oil futures settled higher on Thursday, recovering from recent losses, despite data showing slower than expected U.S. first-quarter GDP growth. West Texas Intermediate Crude oil futures for June ended higher by $0.76 or about 0.92% at $83.57 a barrel.