Thai Stock Market May Struggle To Extend Rally As Uncertainty Looms

After a stellar three-session run that pushed gains beyond 40 points and 3.2 percent, the Stock Exchange of Thailand appears poised for consolidation on Monday. With the index hovering just above 1,275 points, momentum could stall as traders reassess global headwinds centered on interest rate ambiguity and lingering geopolitical tensions. Asian bourses are expected to mirror weakness from European and U.S. markets.

Friday’s Strong Close Masks Monday Concerns

The Thai bourse wrapped Friday on an upbeat note, with the SET climbing 14.21 points or 1.13 percent to settle at 1,275.60. Trading activity remained robust at 7.482 billion shares valued at 45.773 billion baht, with breadth favoring gainers—298 stocks advanced while 154 declined and 201 held steady. Strength rippled across multiple sectors including food, finance, industrial, property, resource, services and technology.

Individual Stock Movers Suggest Mixed Conviction

Energy Absolute surged 4.41 percent while Gulf soared 4.62 percent, signaling appetite for specific plays. PTT Oil & Retail accelerated 3.65 percent and Bangkok Dusit Medical rallied 2.16 percent. However, not all names cooperated—Bangkok Bank shed 0.58 percent, Bangkok Expressway dropped 0.94 percent and Siam Concrete lost 0.48 percent. Other notable performers included Advanced Info (up 0.88%), Thailand Airport (spiked 1.95%), Kasikornbank (strengthened 1.31%), TTB Bank (jumped 1.98%) and BTS Group (vaulted 1.87%).

Global Backdrop Remains Cloudy

Wall Street’s Friday performance offered little inspiration, with the major averages oscillating before finishing slightly lower. The Dow shed 83.07 points or 0.17 percent to 49,359.33, while the NASDAQ slipped 14.61 points or 0.06 percent to 23,515.39 and the S&P 500 fell 4.46 points or 0.06 percent to 6,940.01. For the week, the NASDAQ slid 0.7 percent, the S&P dipped 0.4 percent and the Dow eased 0.03 percent.

Fed Leadership Drama Adds To Market Confusion

Uncertainty around future interest rates intensified following remarks from President Donald Trump suggesting Kevin Hassett may not be his choice for the next Federal Reserve chair. Kevin Warsh has emerged as the new frontrunner following the president’s comments, creating confusion about monetary policy direction. This unpredictability could weigh on risk appetite across emerging markets including Thai equities.

Geopolitical And Energy Tensions Persist

Trump’s continued focus on Greenland and threats of tariffs on non-compliant nations continue to create macro uncertainty. Meanwhile, crude oil climbed higher as traders monitored U.S. military consolidation in the Middle East. West Texas Intermediate crude for February delivery gained $0.40 or 0.68 percent to $59.59 per barrel, reflecting ongoing geopolitical risks.

With the Thai stock market may face headwinds from these global crosscurrents, Monday could deliver a pause after Friday’s enthusiasm. Investors should watch for shifts in interest rate expectations and geopolitical developments that could alter the outlook for Southeast Asian equities.