Mr. Vathan Jitsomnuk, Director of Strategy Analysis at Pi Securities, stated the Stock Exchange of Thailand (SET) Index dropped sharply this morning as it closed at 1,255.33 points, down 1.14%, or 14.54 points due to heavy selling of DELTA, which pressured the index by about 10 points, and AOT, which caused a further 2-point fall.
The decline in AOT is likely due to profit-taking after a strong rally, while DELTA faced negative sentiment as the Nasdaq futures dipped 1.1%, adding pressure. Additionally, DELTA’s valuation is expensive, with a P/E ratio of 124 times this morning (Bangkok Time).
Although the U.S. Federal Reserve (Fed) meeting cut interest rates as expected this month, there may be disappointment as the Fed signaled only one rate cut next year. Nevertheless, the Fed’s economic outlook for the U.S. has improved, raising its 2026 GDP growth forecast to 2.2% from 1.7%.
Regarding the intense clashes on the Thai-Cambodian border, Mr. Vathan noted these create negative sentiment but do not significantly impact Thailand’s economic fundamentals, as Thai exports to Cambodia are limited.
Meanwhile, investors are hopeful the TISA project could help stabilize the stock market, though it may not boost trading volume significantly since it allows investment in depositary receipts of foreign stocks in addition to Thai stocks.
The afternoon market is expected to remain in negative territory with no new positive factors, with support at 1,250 points and resistance at 1,270 points.
The top five securities by trading value in the morning session are as follows:
- Delta Electronics (Thailand) PCL (SET: DELTA): Trading value THB 1.92 billion, closed at THB 187.50 per share, down THB 10.00 or 5.06%.
- Airports of Thailand PCL (SET: AOT): Trading value THB 1.00 billion, closed at THB 52.75 per share, down THB 1.25 or 2.31%.
- Bangkok Bank PCL (SET: BBL): Trading value THB 818.64 million, closed at THB 163.00 per share, down THB 0.50 or 0.31%.
- SCB X PCL (SET: SCB): Trading value THB 784.30 million, closed at THB 132.50 per share, up THB 0.50 or 0.38%.
- Advanced Info Service PCL (SET: ADVANC): Trading value THB 733.01 million, closed at THB 310.00 per share, unchanged.
