On Tuesday, Thailand’s SET Index closed the morning trading session at 1,488.77 points, showing a decrease of 0.52 points or 0.03%, with a trading value of THB 32.79 billion.
UOBKayHian Securities (Thailand) (UOBKH) noted that the Thai stock market attempted to test the 1,500-point mark but was unable to surpass the level, subsequently reversing to close slightly lower. The market faced selling pressure in the energy and banking sectors, while gains were seen across several groups, including small-cap stocks.
The overall atmosphere was one of cautious speculation, particularly among foreign investors. NVDR data showed a shift, with reduced energy sector holdings and increased purchases in the banking sector. Investors are seeing the potential for a short-term consolidation in energy stocks and are reallocating towards select banks expected to benefit from the THB 400 billion government loan decree, which is anticipated to stimulate Thailand’s GDP.
Previously, the energy sector saw the second-highest net inflows since early May, totaling approximately THB 4.00 billion (excluding NVDR). The top stock purchased was PTT at THB 2.00 billion, followed by GULF at THB 900 million. However, there was limited buying of PTTEP and refinery stocks due to perceived downside risks in the second quarter.
As a result, there is a notable shift towards holding more cash at present, with investors waiting for the end of Q2 when the market is expected to consolidate.
The market is also closely monitoring the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping, scheduled for May 14–15, which will be accompanied by a large delegation of American business representatives. Any agreements reached may help ease concerns over tensions in the Middle East and could spark short-term speculative interest, especially in Chinese tech stocks, though the impact on the Thai market is likely to be limited.
For the revision of the MSCI Index, the brokerage stated that a reduction in Thai equity weightings is expected as forecasted. The six largest stocks by weighting in the SET50 Index likely to be reduced include DELTA, ADVANC, PTT, GULF, AOT, and PTTEP.
For the afternoon session, market movement is anticipated to be sideways with swings of no more than 5 points, supported at 1,480 points and facing resistance at 1,493 points.
The top five securities by trading value were:
- KTB: trading value THB 2.82 billion, closing at THB 32.75, up THB 0.25 or 0.77%
- ADVANC: trading value THB 2.49 billion, closing at THB 353.00, up THB 3.00 or 0.86%
- PTT: trading value THB 2.42 billion, closing at THB 36.50, unchanged
- DELTA: trading value THB 1.62 billion, closing at THB 305.00, unchanged
- GUNKUL: trading value THB 1.61 billion, closing at THB 3.34, up THB 0.12 or 3.73%
