Mr. Natapon Khamthakrue, Assistant Managing Director of Investment Analysis at Yuanta Securities (Thailand), stated that the Stock Exchange of Thailand (SET) Index fell by 20.07 points to 1,267.37 points in the morning, pressured by selling in large-cap stocks, especially in the electronics components sector, following a decline in U.S. technology stocks, which led DELTA to weigh down the index.
Additionally, the yield on U.S. government bonds rebounded after investors became concerned that the likelihood of a U.S. Federal Reserve (Fed) maintains the rates. Although the U.S. government shutdown has ended, there has yet to be a release of delayed economic data, leaving investors with no information to assess interest rate trends.
Domestically, there has been selling pressure in stocks that reported earnings below expectations. Meanwhile, selling in domestic-focused stocks also pressured the market, stemming from concerns over the stability of the Thai government, which could impact the implementation of government economic stimulus measures.
The afternoon outlook is expected to see the market continue to fluctuate negatively. Next week, Thailand’s 3Q25 GDP figures will be reported, which are anticipated to show unimpressive growth due to the political vacuum period, possibly resulting in further risk-reducing sell-offs ahead of the data release.
Meanwhile, recent trading volume in the SET Index has been thin. Mr. Natapon sees three main factors for the market pressure: technically, the index has been unable to firmly hold above 1,300 points, creating negative sentiment; investor confidence has been dampened as several IPOs trading below their initial offering prices; and listed companies’ earnings in 3Q25 were weak due to the ongoing political vacuum.
He added that it remains to be seen whether investment sentiment will recover in December, as capital market measures such as the TISA program are set to commence in that month. A recovery in November appears unlikely. The support range is set at 1,260 points, with resistance at 1,280 points.
The top five securities by trading value are as follows:
- Advanced Info Service PCL (SET: ADVANC): Trading value THB 1.28 billion, closed at THB 311.00 per share, down THB 6.00.
- Delta Electronics (Thailand) PCL (SET: DELTA): Trading value THB 880.05 million, closed at THB 207.00 per share, down THB 11.00.
- Bangkok Dusit Medical Services PCL (SET: BDMS): Trading value THB 804.59 million, closed at THB 19.70 per share, unchanged.
- Kasikornbank PCL (SET: KBANK): Trading value THB 762.48 million, closed at THB 182.50 per share, unchanged.
- SCB X PCL (SET: SCB): Trading value THB 549.33 million, closed at THB 127.50 per share, down THB 0.50.
