Thailand’s SET Index closed at 1,407.34 points, increased 1.58 points or 0.11%, with a trading value of THB 66.70 billion. The analyst stated that the Thai market settled slightly higher as it pared gains in the afternoon session, in line with the global markets’ sentiment. This came after crude prices returned to $90 per barrel following reports surrounding the attack on container ships near the Strait of Hormuz.
The analyst expects the Thai market to move with volatility tomorrow, recommending that investors continue monitoring the Middle East situation.
Mayruree Naree, a bulk carrier flying the Thai flag and operated by Bangkok-based Precious Shipping, was struck in the Strait of Hormuz. Following the strike, a fire broke out on board the vessel. Reports indicated that 20 crew members evacuated the ship while three crew remained as rescue teams responded at the scene.
Alexander Redman, Chief Equity Strategist at CLSA, describes the escalating Middle East conflict—termed “Gulf War 3″—as a geopolitical “mighty mess” with few clear victors. While Benjamin Netanyahu emerges as a “real winner” by claiming the destruction of regional adversaries ahead of his October re-election, the United States finds itself caught in a precarious position. Redman highlights that Donald Trump is now pursuing an exit strategy to avoid further domestic fallout.
