Analysts point to a negative opening trend for the Thai stock market this morning, weighed down by negative sentiment from a sharp selloff in Asian tech stocks pressuring the electronics sector — particularly DELTA, which may face a negative outlook after earnings missed expectations. However, a strong rebound in oil prices is expected to lift energy and petrochemical stocks, helping to cushion the downside. Meanwhile, the Middle East war is widening, 30-year bond yields have surged to a new high, adding pressure to equities, and although the Fed has held rates steady, rising inflation could open the door to one or two rate hikes in the second half of the year. Support levels are set at 1,620 and 1,610 points, with resistance at 1,640 and 1,650 points.
Mr. Aphichat Phoobancherdkul, Senior Director of Strategic Analysis at TISCO Securities, expects the Thai stock market [SET.X] to have a chance of declining today. During the period when the local market was closed on 28–29 July, Asian technology stocks fell sharply, putting pressure on electronics stocks — especially DELTA, which held an analyst meeting. The firm holds a negative view on the stock and has revised its recommendation to a sell, and the broader market is expected to share the same negative stance.
Nevertheless, oil prices have rebounded strongly, which means energy and petrochemical stocks should help prevent the market from falling too deeply. The market is expected to move in a sideways-to-down pattern, and Thai stocks are still viewed as having resilience.
Meanwhile, the Middle East war has expanded to Saudi Arabia and Iraq, which may make peace negotiations significantly more difficult. As for the outcome of the U.S. Federal Reserve meeting, the Fed voted to hold interest rates steady, though the decision was split at 9 to 3, as the sharp rise in oil prices has pushed inflation expectations higher, leading markets to anticipate that the Fed may raise rates one or two times in the second half of this year. In addition, the yield on 30-year U.S. Treasury bonds has risen to 5.2%, marking a new high not seen since before the subprime crisis, which is adding pressure to equity markets.
Today, investors should monitor the Bank of England (BoE) policy meeting, the preliminary U.S. GDP figures for Q2 2026, and U.S. PCE data as well.
Support levels are given at 1,620 and 1,610 points, with resistance at 1,640 and 1,650 points.
