On Wednesday, Thailand’s SET Index closed the morning trading session at 1,571.65 points, showing a decrease of 7.01 points or 0.44%, with a trading value of THB 42.37 billion.
Kasikorn Securities (KS) stated that the Thai stock market trended lower as investors awaited the outcome of the Federal Reserve’s policy meeting tonight. According to the CME FedWatch Tool, 94.5% of investors currently expect the U.S. central bank to raise interest rates by 0.25% at the meeting. Additionally, market participants are closely watching the Fed’s Dot Plot for rate projections.
Domestically, the decision by the Energy Policy Committee to increase the reduction in ex-refinery diesel prices to THB 4 per liter, from the previous level of THB 2.40 per liter, has weighed on refinery stocks. This is estimated to impact the sector’s overall profits by approximately THB 8 billion and PTT’s profits by around THB 2 billion.
The downside risk for the refinery sector is estimated at 4-10%, with IRPC likely to see the largest decline at 10% while TOP is expected to face the smallest decrease at 4%. On average, refinery stock prices have fallen by about 6%.
For the afternoon session, Kasikorn expects the Thai bourse to remain stable in negative territory, with support at 1,570 points. The negative impacts from the refinery sector and the Fed’s policy decision have been partially priced in. However, a failure to hold above this support level would weaken market momentum and could lead to further declines before a new base is established. The next support is at 1,560 points, with resistance at 1,585 points.
The five stocks with the highest trading value were as follows:
- DELTA: trading value THB 7.20 billion, closing at THB 236.00, up THB 3.00 or 1.29%
- PTT: trading value THB 2.37 billion, closing at THB 42.50, unchanged
- TOP: trading value THB 1.81 billion, closing at THB 62.00, down THB 4.00 or 6.06%
- HANA: trading value THB 1.79 billion, closing at THB 50.25, down THB 1.00 or 1.95%
- ADVANC: trading value THB 1.52 billion, closing at THB 347.00, down THB 6.00 or 1.70%
