Thai Equities Slide as US Rate Fears Weigh on Asian Markets

The Stock Exchange of Thailand (SET) continued its downward trajectory, closing Thursday at 1,647.67, a decline of 12.34 points or 0.74%. The index fluctuated between 1,645.89 and 1,658.05 during the session, reflecting broader regional weakness as markets prepared for a local holiday. The sell-off is largely attributed to negative sentiment stemming from Wall Street, where major indices plunged following a stronger-than-expected US non-farm payrolls report. This data has led traders to believe the Federal Reserve will maintain an aggressive pace of interest rate hikes, triggering a broad retreat from risk assets across Asia. Trading volume reached 17.433 billion shares, valued at 57.875 billion baht. Market breadth was heavily skewed to the downside, with 1,240 decliners compared to 464 gainers. Notable losses were seen in the financial and energy sectors, with Gulf dropping 2.05% and TTB Bank falling 1.59%, while Banpu and B. Grimm managed modest gains. In the commodities space, WTI Crude oil futures for July rose 1.7% to $118.87 per barrel, supported by demand expectations and US employment data. Domestically, Thailand's April inflation figures showed an overall annual increase of 4.65%, with core CPI rising 2.00% year-over-year. Analysts expect the SET to remain under pressure in the coming sessions as Asian markets align with the bearish lead from the US and Europe, where the Nasdaq recently plunged 2.47%.