Thailand’s SET Index closed at 1,466.51 points, decreased 61.75 points or 4.04%, with a trading value of THB 113.07 billion. The analyst stated that the Thai market plunged due to the war in the Middle East, with the market plummeting at a faster pace in the afternoon session following downward sentiment from the European markets amid a surge in oil prices, which put pressure on inflation.
Selling pressure from big-cap stocks, particularly GULF and DELTA, was due to the closure of the Thai stock market tomorrow, as such investors opted to offload their stake to reduce risk.
This is considered a more significant rebasing of the Thai market, as it has continuously risen for seven consecutive weeks, increasing by more than 300 points. The analyst views the development as a consolidation.
For the upcoming Wednesday, the analyst expects the Thai market to move sideways-down.
Iran has made clear it is unwilling to engage in discussions with the United States following recent joint military actions by the US and Israel. The statement comes after speculation in the media suggested Iranian authorities were seeking renewed diplomatic contact with Washington.
A drone strike attributed to Iran impacted Saudi Aramco’s Ras Tanura refinery early Monday, resulting in a brief fire at the major oil facility. The incident occurs as geopolitical instability in the Middle East intensifies, raising concerns among energy market participants.
Manufacturing activity in the eurozone accelerated in February, with the sector showing its most robust expansion since mid-2020 amid improved order volumes and higher production. The pace of growth offers a positive signal for investors, though rising costs weighed on profit margins.
