Thai shares slide below 1,500 as analysts flag further risks
Brokerages identified lower support levels for the SET index, citing US political uncertainty and doubts about returns on AI spending.
Thailand’s benchmark SET index sank below 1,500 points as military conflicts and trade friction unsettled global markets. Analysts warned that Thai equities could decline further, with uncertainty over US elections and artificial intelligence spending adding to the pressure.
At UOB Kay Hian Securities (Thailand), Benjaphol Suthwanish, assistant managing director of securities analysis, put the next support level at 1,475 points. The index had already slipped past support near 1,520 points. He expected weakness in Thailand to persist over the near term, mirroring other regional exchanges.
Benjaphol said uncertainty surrounding the US midterm elections might encourage investors to scale back riskier holdings. Markets could nevertheless settle after their recent losses if the election outcome contained no major adverse surprise, he said. UOB Kay Hian also warned that a possible Federal Reserve rate increase could hurt sentiment.
Separately, Asia Plus Securities placed initial support between 1,495 and 1,500 points. It cited anxiety about a possible AI bubble, saying reports about Anthropic’s spending and fundraising plans had fuelled doubts over whether large investments in the technology would deliver worthwhile returns.
