**Global Market Headwinds May Keep Thai Stocks in Neutral Territory**

Wall Street's lackluster performance on Friday has cast a shadow over Asian markets heading into the week, with the Thai stock market potentially facing a consolidation phase despite its recent three-session rally. The Stock Exchange of Thailand (SET) has climbed over 40 points—representing a 3.2 percent surge—and currently trades just above the 1,275-point level, but uncertainty around Federal Reserve leadership and rising geopolitical tensions may limit further upside momentum.

**Weak Lead From U.S. Markets**

The major U.S. indexes retreated on Friday after initially opening higher, reflecting growing concerns about the interest rates outlook. The Dow Jones fell 83.07 points (0.17 percent) to 49,359.33, while the NASDAQ dipped 14.61 points (0.06 percent) to 23,515.39 and the S&P 500 slipped 4.46 points (0.06 percent) to 6,940.01. For the week overall, the NASDAQ declined 0.7 percent, the S&P eased 0.4 percent, and the Dow edged down 0.03 percent. The key trigger for this tepid performance stems from speculation about the next Federal Reserve chairman, with recent statements from President Donald Trump suggesting uncertainty about who will ultimately replace Jerome Powell when his term concludes in May. This ambiguity has clouded investor sentiment regarding future monetary policy direction.

**Thai Market Shrugs Off Global Concerns—For Now**

Despite the global headwinds, the SET managed a strong finish on Friday, advancing 14.21 points or 1.13 percent to close at 1,275.60. The index traded within a range of 1,257.85 to 1,278.55 during the session, with robust trading activity—7.482 billion shares exchanging hands for a total value of 45.773 billion baht. Breadth was decidedly positive, with 298 gainers outpacing 154 decliners and 201 stocks closing flat.

Strength was broadly distributed across multiple sectors. The food, finance, industrial, property, resource, services, and technology segments all contributed to the rally, signaling broad-based investor confidence. Among the most actively traded stocks, energy-related names particularly impressed, with Gulf surging 4.62 percent and Energy Absolute soaring 4.41 percent, while PTT Oil & Retail accelerated 3.65 percent. Bank stocks also performed well, as TTB Bank jumped 1.98 percent and Bangkok Dusit Medical rallied 2.16 percent. Other notable gainers included Thailand Airport, which spiked 1.95 percent; BTS Group and Krung Thai Card, both vaulting 1.87 percent; and Kasikornbank, which strengthened 1.31 percent. Select defensive issues like Siam Concrete and Bangkok Expressway showed weakness, declining 0.48 percent and 0.94 percent respectively.

**Looking Ahead: Consolidation Expected**

As markets look forward to the new trading week, the SET may struggle to maintain momentum. The combination of softer European and U.S. market signals, coupled with lingering uncertainty over interest rate policy and ongoing geopolitical risks—including tensions surrounding tariff discussions—suggests Asian bourses could follow the developed market pullback. The Thai market, having already captured substantial gains, may find itself in neutral in the near term as investors reassess risk appetite and monitor developments on the global policy front. Oil markets added to the uncertain backdrop, with crude prices rising on Middle East concerns; West Texas Intermediate crude for February delivery climbed $0.40 or 0.68 percent to $59.59 per barrel.