Thailand’s SET Index Falls Sharply by 2% amid Fear of Israel-Hamas War Could Expand

Thailand’s stock market plunged sharply on Monday, following the negative sentiment in the Asian markets amid concerns over the expansion of the war between Israel and Hamas.

The main bourse of the Thai stock market, SET Index, fell as much as 29.14 points or about 2% in the morning session to 1,421.61 points, the level not seen since December 2020. SET Index closed at 1,450.75 points, increased 5.24 points or 0.36%, last Thursday before closing for a holiday on Friday.

Big-cap stocks in the SET Index also contributed to a loss on Monday. The largest listed company, Delta Electronics (Thailand) Pcl. dragged the market down by 3.82 points. Meanwhile, CP All Pcl., Airports of Thailand Pcl. and Gulf Energy Development Pcl. each attributed to nearly 1.5 points of losses.


Regional markets also traded in negative territory as Nikkei plunged 1.91%, Shanghai Stock Exchange Composite dipped 0.40%, Hang Seng Index slipped 0.43%, ASX 200 dropped 0.35% and Kospi fell 1.22%.


Bridgewater founder Ray Dalio now believes that there is a 50% chance of World War 3 erupting, following the conflict in the Middle East.

Meanwhile, Iran’s President Ebrahim Raisi warned that war would expand if Israel continued to advance on the siege of Gaza.