Thailand’s equity market declined this afternoon, with the benchmark SET Index weakening by 0.73% to 1,307.97 points at 2:33 PM (Bangkok Time). Total trading value reached 44.1 billion baht as telecom stocks led the downward momentum.
The index moved between an intraday high of 1,327.91 points and a low of 1,306.38 points after sellers dominated trading, particularly in the communications sector. Pressure mounted after True Corporation (TRUE) disclosed that Telenor Thailand Investments Pte. Ltd. sold a 24.95% stake in TRUE—reducing its holding from 30.30%—to Arise Digital Technology, a firm owned by Mr. Suphachai Chearavanont.
True’s statement to the Stock Exchange of Thailand (SET) also noted an agreement for a put/call option on Telenor’s remaining 5.35% holding. This option can be exercised two years after the initial deal closes. The company expects the transaction to have no significant operational impact.
The developments triggered a wave of selling across leading telecom stocks and other large-cap constituents.
