SET Dives 27.88 Points Below 1,600 on Strait of Hormuz Tensions

Prachachat•Economy•18d ago

Reader Briefing

Thai stock market experienced a significant decline on July 8, with the SET index dropping below 1,600 points due to escalating Middle East tensions following Iran's actions in the Strait of Hormuz.

•The SET index closed at 1,576.25 points on July 8, down 27.88 points.
•The decline was attributed to Iran's attack on vessels in the Strait of Hormuz, increasing geopolitical risk.
•Foreign investors were net buyers, while domestic institutions and securities companies were net sellers.
•Expectations for the next trading day suggest a sideways movement with resistance and support levels identified.

Overview

•On July 8, the SET index closed at 1,576.25 points.
•The SET index fell by 27.88 points (-1.74%) on July 8.
•Trading value on July 8 was 97,962.50 million THB.
•Foreign investors had a net purchase of 3,255.64 million THB on July 8.
•Domestic institutions had a net sale of 2,010.20 million THB on July 8.
•The decline was due to Iran's attack on vessels in the Strait of Hormuz, leading to increased Middle East tensions.
•Investor risk aversion due to heightened Middle East tensions caused selling pressure on large-cap stocks.
•The index is expected to trade sideways on the next trading day, with support at 1,560-1,570 points and resistance at 1,590-1,600 points.