Brokers project neutral-to-negative outlooks for the Thai stock market on Friday, as global equity markets decline on heightened anxiety over Middle East conflict and surging oil prices above $100 per barrel. Investors remain watchful for domestic export figures and corporate quarterly results as the energy and petrochemical sectors help limit further losses.
Maybank Securities (Thailand) expects the Thai equity market to consolidate as rising geopolitical tensions—particularly recent conflict escalation in the Middle East—have triggered a sharp increase in oil prices, intensifying inflationary pressures and prompting global central banks to maintain tight monetary policy stances.
Nevertheless, the Thai market have been supported by its significant exposure to the energy and petrochemical sector, which helped prevent sharper declines
The securities firm recommends investors closely monitor today’s release of Thailand’s export numbers, as well as earnings from DELTA for further cues. The analyst also placed a support level for the SET Index at 1,630 points, and a resistance level at 1,650.
Daol Securities anticipates the Thai bourse to decline along with the global market trend following a significant rout in the technology sector, as well as concerns over the escalation in the Middle East after Houthi rebel attacks on Red Sea shipping routes, which fueled a stronger rally in crude oil. This incident contributed to a clear rise in U.S. government bond yields, now at their highest in a year.
While upstream energy and banking stocks such as PTTEP and key bank constituents have provided some defense to the market, the brokerage firm notes increasing selling pressure across other segments of the Thai exchange.
Yesterday, Thailand’s SET Index closed at 1,641.03 points, increased 1.69 points or 0.10%, with a trading value of THB 86.80 billion.
