The Thai stock market fell on Thursday as the bourse is set to settle the week lower amid sluggish economic recovery that lags regional peers. The index has fallen 1.4% this week and hit a 5-month low earlier.
After witnessing some gains yesterday, the outlook for Asian markets is tepid this morning with anticipated declines in oil and technology stocks likely steering them downward. While European markets logged gains yesterday, U.S. equities ended in the red, setting a negative precedent for Asia.
On Thursday, the SET saw a slight dip, closing down 0.05% or 0.61 points at 1,352.56. The trading day saw a range between 1,346.45 and 1,363.55, with a volume of 7.873 billion shares valued at 40.417 billion baht.
Wall Street provided a somber lead as major indices opened with modest gains last night but quickly reversed, staying predominantly in the red. The Dow Jones Industrial Average fell 0.16%, or 68.42 points, to 43,153.13. Meanwhile, the NASDAQ dropped 0.89%, or 172.95 points, to 19,338.29, and the S&P 500 lost 0.21%, or 12.57 points, to 5,937.34.
Market participants paused to reevaluate after Wednesday’s robust rally, the largest in over two months for major averages. Added to this was a mix of U.S. economic reports on jobless claims, retail sales, and import prices, which largely aligned with forecasts, sustaining hopes for a Federal Reserve rate cut in the first half of the year.
Meanwhile, oil prices saw a notable drop in the previous session as Israel and Hamas reached a UN Security Council-endorsed ceasefire. West Texas Intermediate crude futures for February delivery fell $1.36, or 1.7%, closing at $78.68 per barrel, as market dynamics adjusted to geopolitical developments.
This morning, Brent futures expanded 36 cents or 0.44% to $81.65 a barrel, and the WTI gained 45 cents or 0.57% to $79.13 per barrel.
