SET Drops 17.5pts as Political Concerns Trigger a Profit Taking in the Market!

The Stock Exchange of Thailand (SET) Index continued to plunge further on Thursday as political uncertainties weighed the market down.

 

As of 14:37 local time in Thailand (GMT+7), SET Index was on its pace to drop lower with a 17.56 points or 1.39% plummet to 1,246.43 points with a trading value of 33.6 billion baht.

 

Maybank Kim Eng stated that the Thai stock market was pressured by the downtrend in the regional markets, following a decline in the U.S. market last night over the delay of stimulus bills.

Meanwhile, the political issues in Thailand limited the market’s upside as the protest could prolong further, which played downward to the market’s sentiment for an uncertainty and resulted in a profit taking to limit the risk. However, the energy sector remained strong after a rise in oil prices from higher demand in China.

The analyst suggested investors to keep an eye on the U.S. announcement of oil inventories and the earnings of Thai banking sector.