The Stock Exchange of Thailand yesterday rebounded after an overnight rally on Wall Street as the US Federal Reserve pledged to keep its interest rate at a record low to revive the flagging economic recovery in the United States.
Gold for immediate delivery rose to US$1,764 an ounce while Thailand's Gold Traders Association adjusted the price of domestic gold bar eight times for an aggregate decline of Bt200 per baht weight to Bt24,900.
Oil rebounded from a 10-month low in the New York Mercantile Exchange, with crude for September delivery advancing 4 per cent to $82.43 a barrel.
After two days of sharp falls on a downgrading of the US sovereign debt by Standard & Poor's, the SET Index bounced back 1.69 per cent, or 17.67 points, to close at 1,060.21 points. Trading turnover was Bt35.3 billion. Combining with net sellers of Thai stocks worth Bt1.79 billion yesterday, foreign investors' selling totalled Bt13.75 billion from the beginning of this month.
On Tuesday, the US Dow Jones Industrial Average recovered nearly 4 per cent after the Fed indicated it would keep its target rate for overnight loans between banks at a record low of between zero and 0.25 per cent at least through mid-2013 and use other tools as appropriate.
The Federal Open Market Committee's decision represents the biggest effort since last November to jolt the US economy and revive confidence after S&P lowered the US credit rating last week.
The dollar continued its weakening versus the majority of its most traded peers as the Fed said growth was "considerably slower" than it expected, according to Bloomberg.
The baht was trading at 29.90 per US dollar as of 5:33pm, with the strongest level of 29.81/29.83 per dollar.
"The baht is still volatile from external factors. Despite the Fed's low-rate pledge, investors think the measure is not aggressive enough and does not give a big surprise to the market," said a currency trader at CIMB Thai Bank.
"We saw a Tuesday rally on Wall Street as investors are expecting a better return on equities," the trader said.
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