Thailand’s SET Index Rises over 1% as DELTA, PTT and Big-Cap Stocks Surge

Thailand’s SET Index rose more than 1% in the morning session, boosted by big-cap stocks after the prime ministerial voting to elect Move Forward Party’s leader Pita Limjaroenrat yesterday failed to receive the majority.

The Thai stock market had been underperforming regional and global markets since the general election on May 14, 2023, as the market had a pessimistic view on political campaigns of the winner, Move Forward Marty (MFP), which resulted in a boost on Friday after the vote for MFP’s leader failed.

Wall Street posted its fourth consecutive gains on Thursday after the report of inflation slowing down. The producer prices in the U.S. barely rose in June, according to the data on Thursday, while the annual increase in producer inflation posted the smallest gain in nearly three years.

Thailand’s SET Index rose 16.74 points or 1.12% to 1,510.76 points as of 11:37 BKK time on Friday.  The market was led by big-cap stocks such as Delta Electronics (Thailand), PTT, Airports of Thailand, True Corporation, Advanced Info Service and Gulf Energy Development that combined nearly 1/3 of gains in the Thai stock market.