Thai Stock Market May Reverse Tuesday's Losses

(RTTNews) - The Thai stock market on Tuesday snapped the three-day winning streak in which it had climbed almost 25 points or 1.4 percent. The Stock Exchange of Thailand now sits just above the 1,575-point plateau although it's likely to see renewed support on Wednesday.

The global forecast for the Asian markets is fairly optimistic on easing oil prices and strength among the technology companies. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished modestly lower on Tuesday as losses from the consumer and technology sectors were offset by support among the industrial and resource companies.

For the day, the index dipped 4.01 points or 0.25 percent to finish at 1,575.02 after trading between 1,572.19 and 1,586.61. Volume was 11.294 billion shares worth 67.040 billion baht.

The lead from Wall Street is cautiously optimistic as the major averages opened mixed on Tuesday; the S&P 500 and NASDAQ moved firmly into positive territory, while the Dow hugged the line all day and just barely managed to finish in the green.

The Dow rose 15.99 points or 0.03 percent to finish at 52,377.57, while the NASDAQ rallied 308.43 points or 1.18 percent to end at 26,477.81 and the S&P 500 added 45.83 points or 0.60 percent to end at 7,722.60.

Tech stocks continued to recover from the sharp pullback seen late last week amid renewed optimism about the artificial intelligence trade after AI giant Anthropic publicly filed for an initial public offering on Monday.

Potentially adding to the positive mood around AI, Nvidia (NVDA) and Meta (META) have announced they will partner to expand their work on Muse and the Muse family of models.

Corporate earnings were a mixed bag as JetBlue (JBLU) and UPS (UPS) reported strong results, while Boeing (BA) disappointed.

Crude oil prices slumped again on Tuesday on efforts by regional intermediaries in the gulf to defuse Middle East tensions. West Texas Intermediate crude for December delivery sank $1.73 or 1.70 percent at $100.03 per barrel.

Closer to home, the central bank in Thailand will conclude its monetary policy meeting later today and then announce its decision on interest rates; the central bank is expected to keep its benchmark lending rate unchanged at 1.00 percent.