Thailand’s SET Drops 11pts, Tracking Losses in Regional Markets amid Recession Fears

Thailand’s SET index fell more than 10 points in early Monday trade, tracking losses in regional markets amid recession fears following aggressive tightening by several major central banks (including the US Fed) to combat inflation.

As of 11.03 a.m. Thai time, the SET index dropped 11.68 points, or 0.72%, to 1,620.03, with a trading value of THB25,165 million. 

According to Finansia Syrus Securities (FSS), this morning’s ten-point drop in the SET index was caused by money flowing out of risk assets, particularly the board sell-off in big stocks, as a result of the dollar’s continued strength and high US bond yields, as well as the baht’s depreciation to roughly THB38 against the dollar.

The SET is expected to head south towards 1,610-1,620 support.