Thai Stock Market Likely to Be Bolstered on Thursday
The Stock Exchange of Thailand (SET) experienced gains across multiple sectors on Wednesday, with tech shares leading the way. The SET index is currently at 1,264.47 points, having increased for three consecutive sessions.
In the global market, tech shares are expected to lead, with an upbeat forecast for the days ahead. This expectation is backed by strong investment and performance in the digital and technology sectors.
McDonald's (MCD) reported second quarter results that exceeded estimates on both the top and bottom lines. Similarly, Shopify (SHOP) also beat the street with its earnings. However, Snap (SNAP) reported mixed third quarter results.
Among the active stocks, Asset World, Bangkok Expressway, B. Grimm, BTS Group, SCG Packaging, Siam Commercial Bank, Siam Concrete, Thai Oil, True Corporation, TTB Bank, Charoen Pokphand Foods, and PTT Oil & Retail were among the gainers. Bangkok Bank, Bangkok Dusit Medical, Krung Thai Bank, Krung Thai Card, PTT, PTT Exploration and Production, PTT Global Chemical, and Gulf also saw increases.
Crude oil lost early gains on Wednesday, with West Texas Intermediate crude for September delivery down $0.96 or 1.47 percent at $64.20 per barrel. Despite this, Apple (AAPL) announced plans to invest $100 billion to expand its U.S. operations, with the total investment over the next four years increasing to $600 billion.
The tech sector has been the top performer in the Thai stock market recently, despite overall market volatility. It showed resilience in the past few sessions and remains favored among investors. The sector maintains top performance across both one-year and five-year evaluation periods, outperforming other sectors on the SET.
However, overall market uncertainties remain due to global economic concerns and domestic political risks, which could affect near-term market sentiment. Political risks related to potential government dissolution and economic growth moderations remain key risk factors to monitor.
Looking ahead, the performance of tech shares is expected to benefit from ongoing investments in the digital sector, with strong foreign and local participation in data center projects supporting cloud services demand. Positive global market sentiment for risk assets is also likely to support the SET and its tech segment in the upcoming days.
Despite these positive signs, it's important to remain cautious given the ongoing uncertainties. Russia faces a threat of U.S. sanctions on its oil exports after August 8 if it fails to end its attempt to annex Ukraine. Disney (DIS) also reported mixed third quarter results.
- SET Index Hits 1,280 Points Early in August, Tech Sector Leads
- SET Index Rallies on Digital, Tech Sector Performance
- McDonald's Q2 Results Beat Estimates
- Shopify Q2 Earnings Beat Expectations
- SNAP Q3 Results Mixed
- Apple to Invest $100 Billion to Expand U.S. Operations
- Disney Q3 Results Mixed
- SET Index Hits 1,280 Points Early in August, Tech Sector Leads Again
- Investment and Performance of Digital, Technology Sectors Bolster SET Index Growth
