On Thursday, Thailand’s SET Index closed the morning trading session at 1,458.61 points, showing a decrease of 21.13 points or 1.43%, with a trading value of THB 40.25 billion.
Bualuang Securities (BLS) stated that the Thai stock market declined in line with most Asian markets, with the main pressure stemming from overseas investment sentiment. Although the U.S. stock markets increased last night, Asian bourses responded negatively, reflecting uncertainties surrounding the ongoing conflict in the Middle East.
Meanwhile, crude oil prices continued to rise, with Brent crude futures increasing by 1.4% and West Texas Intermediate (WTI) futures up by 1.6%, indicating heightened concerns regarding supply tightness.
Signals have emerged among companies and industry groups, especially in Japan, about raw material shortages. In Thailand, The Siam Cement (SCC) announced plans to temporarily suspend operations at its Long Son Petrochemicals (LSP) plant in Vietnam in May 2026 if the situation fails to improve. This development has weighed on the company’s share price.
Structurally, the main pressure within the Thai stock market came from large-cap stocks. Notably, Delta Electronics (Thailand) (DELTA) decreased and contributed to about a 12-point drop in the index. Other major stocks also experienced broad-based declines, including SCC, Gulf Development (GULF), Advanced Info Service (ADVANC), Central Pattana (CPN), CP All (CPALL), and Krung Thai Bank (KTB).
Despite these challenges, there have also been signs of fund flows returning to certain sectors, particularly among stocks benefiting from higher commodity prices and supply chain risks, such as PTT Exploration and Production (PTTEP), Banpu (BANPU), and certain petrochemical companies.
Large-cap banking stocks, such as Kasikornbank (KBANK), have outperformed the broader market after reporting stronger-than-expected earnings on Wednesday. Similarly, Bumrungrad Hospital (BH) saw outstanding profit growth, allowing its shares to remain in positive territory.
For the afternoon investment outlook, continued market pressure is anticipated, though select buying could emerge in certain industries. The brokerage believes this period of market correction offers a good opportunity to accumulate shares in industrial estates, electronics components, and renewable energy groups.
Positive news flows, especially regarding negotiations to attract leading U.S. technology companies such as Phononic, GlobalFoundries, and Teradyne to expand production bases and place orders with factories in Thailand, are expected to support these sectors.
For stock selection, Bualuang recommends investing in Gunkul Engineering (GUNKUL), WHA Corporation (WHA), and KCE Electronics (KCE). The SET Index is expected to fluctuate within support at 1,450 points and resistance at 1,470 points.
Finansia Syrus Securities (FSS) noted that the Thai stock market moved down this morning following regional markets, as global stocks began to retreat after oil prices surged to $103–104 per barrel, exerting pressure on risk assets. The ongoing war in the Middle East remains unresolved with no positive developments, while Thai government bond yields have risen for a second consecutive day, up about 10 basis points, further weighing on the equity market.
For the afternoon, the market is expected to continue trading in negative territory with sideways movement. Investors are recommended to monitor developments in the conflict as well as the upcoming Cabinet meeting next week. Key support levels are pegged at 1,450 points, with the next support at 1,435 points and resistance at 1,466–1,470 points.
The five securities with the highest trading value were as follows:
- SCB: trading value THB 3.34 billion, closing at THB 132.00, down THB 2.50 or 1.86%
- KBANK: trading value THB 2.87 billion, closing at THB 191.50, up THB 2.50 or 1.32%
- SCC: trading value THB 2.56 billion, closing at THB 215.00, down THB 18.00 or 7.73%
- GULF: trading value THB 2.22 billion, closing at THB 56.25, down THB 2.00 or 3.43%
- PTTEP: trading value THB 2.03 billion, closing at THB 145.00, up THB 1.00 or 0.69%
