Thailand’s SET Index extended losses in the afternoon session, falling to the level not seen since early September as a selloff in big-cap stocks weighed the market down on Tuesday.
As of 15:12 BKK time on Tuesday, SET Index fell 15.56 points or 1.10% to 1,404.16 points, the lowest level since September 5.
Phillip Securities (Thailand) stated that the Thai stock market experienced a downturn, reflecting the negative sentiment from Asian markets. Meanwhile, domestically, pressures arose from CPALL and CPAXT, which continued to decline due to the anticipation of financial strain from the investment in The Happitat project. This situation has not only led to increased interest expenses and reduced profits but also sparked concerns over Corporate Governance (CG) and Environmental, Social, and Governance (ESG) issues related to transactions within the CP Group. Consequently, the retail sector’s downturn also dragged down stocks in the tourism and spending sectors.
Additionally, there are no new drivers to boost the index, as investors await the outcomes of the Federal Reserve (Fed) meeting and the Monetary Policy Committee (MPC) meeting for insights on economic perspectives and future interest rate directions.
Nonetheless, speculative buying was evident in stocks with specific positive factors, such as CCET and DELTA, following their partnership to enhance innovation in automation within the EMS and power plant sectors.
The Energy Regulatory Commission (ERC) announcement of the second-round selection of renewable energy projects also fueled interest. Investors are anticipating new entrants in the SET50 and SET100 indices.
