SET Loses 18pts in Morning Session as Political Pressure Weights Market

The Thai stock market fell as much as 21.46 points or 1.35% to 1,570.62 points before closing the morning session on Thursday, June 24, at 1,574.55 points, decreased 17.53 points or 1.10% with a trading value of 53.9 billion baht.

Finansia Syrus Securities (FSS) stated that  the plummet of more than 10 points in the morning session was due to the concerns over Thailand’s economic recovery being delayed than expected by the third wave of Covid-19, which resulted in the Bank of Thailand downgrading its GDP growth projection. And if the situation continues to deteriorate till 3Q21, the Thai market faces a downside risk. Moreover, the BOT has cut the number of foreign visitors, prompting a selloff from investors.

In addition, the SET was under pressure from the weakening Thai baht, which hampered Fund Flow, particularly from institutions. Meanwhile, the region’s major stocks saw volatility during the morning session as well. FSS expects the SET to move in the range of 1,570-1,600 points.