On Friday, Thailand’s SET Index closed the morning trading session at 1,524.29 points, showing a decrease of 20.31 points or 1.31%, with a trading value of THB 40.45 billion.
Kasikorn Securities (KS) wrote that Thai equities experienced a sharp decline during the morning session, primarily due to selling pressure on technology stocks overseas. The correction affected the domestic electronics sector, with DELTA, KCE, and HANA leading losses, mirroring a downward sentiment seen in the technology segments of U.S., South Korean, and Taiwanese markets.
Meanwhile, the yield on the U.S. 10-year Treasury note eased to 4.90%, reflecting investor movement into safe-haven assets and a broader shift away from riskier investments.
The Thai market also faced sector-specific headwinds. Energy and petrochemical shares came under pressure following the government’s policy adjustment regarding the ex-refinery oil pricing formula, adding to the broader market weakness. The SET Index reached an intraday low of 1,516 points, aligning with its 200-day moving average.
If no additional negative drivers materialize, a technical rebound is possible. However, significant selling in DELTA alone had a large impact on the index. The brokerage noted that, while global technology stocks are seeing short-term outflows, underlying demand for the sector next year remains healthy, although growth is expected to moderate.
Looking ahead to the afternoon session, modest recoveries may occur, but sentiment remains fragile, with Nasdaq futures indicating further downside. Recent poor earnings reports and weak guidance from major U.S. tech firms such as Oracle and Intel have added to negative momentum.
Should the SET Index fall below 1,516 points, recovery opportunities may be limited, with the market facing a critical juncture between 1,510 and 1,520 points. Kasikorn pointed to the support level at 1,515 points, while resistance levels are set at 1,530 and 1,545 points.
The top five stocks with the highest trading value are as follows:
- DELTA: trading value THB 7.65 billion, closing at THB 204.00, down THB 17.00 or 7.69%
- KTB: trading value THB 2.15 billion, closing at THB 44.00, unchanged
- KCE: trading value THB 1.85 billion, closing at THB 67.00, down THB 2.50 or 3.60%
- ADVANC: trading value THB 1.68 billion, closing at THB 341.00, up THB 7.00 or 2.10%
- PTT: trading value THB 1.56 billion, closing at THB 41.75, down THB 0.50 or 1.18%
