Along with other Asian markets and Wall Street’s overnight decline, Thailand’s benchmark index, the SET, dropped below the 1,600-point threshold on Friday afternoon, extending losses for the third consecutive days.
At 15:26 Thai Standard Time, the SET Index fell 16.23 points, or 1.01%, to 1,597.99, with a trading value of THB32,801 million. This decline was driven by a broad selloff in big-cap stocks like PTTEP, PTT, KBANK, AOT, and ADVANC.
As investors prepared for a crucial payroll report on Friday that might affect the trajectory of interest rates, stocks plunged overnight in the United States, with the S&P 500 finishing 1.8% lower and the Dow Jones Industrial Average shedding more than 500 points.
On Friday, Futures tied to the Dow Jones Industrial Average shed 237 points, or 0.73%. S&P 500 futures fell 0.79% and Nasdaq 100 futures lost 0.55%.
Analysts speculated that the loss in Thai shares was caused by growing concern over the potential for aggressive rate hikes by the Federal Reserve to combat inflation. Softer oil prices due to concerns about demand might also weigh on energy stocks and the benchmark index.
