On Monday, Thailand’s SET Index closed the morning trading session at 1,599.32 points, showing a decrease of 14.46 points or 0.90%, with a trading value of THB 36.14 billion.
Kasikorn Securities (KS) wrote that the Thai stock market opened lower this morning, following the overall downward trend across regional markets. Investors are awaiting key events this week, including the upcoming release of Nvidia’s 2Q26 earnings, as well as the annual U.S. Federal Reserve meeting in Jackson Hole, which will take place from August 27-29.
Fed Chairman Kevin Warsh is scheduled to deliver a keynote address on Friday, August 28, and market participants are closely watching for the tone of his remarks amid heightened volatility in U.S. government bond yields.
The brokerage noted that the valuation of the Thai stock market remains tight at around the 1,600-point level, despite an increase in earnings per share. According to Bloomberg, the current EPS stands at THB 108-109. However, much of this positive adjustment stems from analysts upgrading the weighting of energy and petrochemical stocks, which have benefited from rising crude oil prices driven by ongoing conflict in the Middle East—a war that is expected to persist for another year.
Refining margins and petrochemical spreads remained high in the second and third quarters, but share prices in these sectors have already largely priced in these catalysts, resulting in some profit-taking. Furthermore, rotations among various sectors appear to have been largely completed following the conclusion of the 2Q26 earnings season, leaving the market in a waiting period for new supporting factors. As a result, a portion of investment capital has shifted towards gold.
Political uncertainty in Thailand continues to be a factor weighing on sentiment. This week, the Parliament will convene on August 26 to consider emergency legislation granting the Ministry of Finance borrowing authority to address the impact of the energy crisis and support the national energy transition in 2026, involving a budget of THB 400 billion. Meanwhile, the Monetary Policy Committee is also scheduled to meet on the same day, with expectations that the policy rate will be kept at 1%.
According to Kasikorn, the Thai bourse is not fundamentally weak, but rather, is in a wait-and-see mode, suggesting that investors should look for entry points as the market adjusts downward. The afternoon session is expected to remain in negative territory, with support at 1,590 points and resistance at 1,620 points.
The five securities with the highest trading value were as follows:
- DELTA: trading value THB 3.01 billion, closing at THB 253.00, down THB 5.00 or 1.94%
- TTB: trading value THB 2.06 billion, closing at THB 2.86, down THB 0.06 or 2.05%
- KBANK: trading value THB 1.78 billion, closing at THB 254.00, down THB 3.00 or 1.17%
- BDMS: trading value THB 1.74 billion, closing at THB 19.90, unchanged
- TRUE: trading value THB 1.44 billion, closing at THB 13.10, down THB 0.20 or 1.50%
