The Thai market fell sharply in early Monday trading, losing more than ten points, following the trend of other regional markets, which are under pressure because of the escalating tensions between Ukraine and Russia.
At 11.30 hrs. local time in Thailand, SET Index fell 11.35 points or 0.67% to 1,687.85 points, with a total trading volume of THB35,183 million.
TISCO Securities analysts stated that a decline in the Thai market in the morning session of February 14 was likely dragged down by concerns that tensions between Ukraine and Russia would escalate, resulting in a market selloff as investors monitored the situation. Moreover, the SET has risen over the last two weeks, which may cause an index to undergo a correction.
In addition to this, as US’s inflation hit 40-year high, investors see a sign that the Fed will likely to hike interest rates before March to curb inflation.
However, analysts from TISCO forecast a limited impact on Thailand’s stock market due to support from oil stocks amid rising oil prices, with the SET expected to trade between 1,710 and 1,680 points.
