The Thai stock market has endured five straight sessions of losses, pulling back more than 40 points or 2.7 percent during that stretch.
The Stock Exchange of Thailand now sits just beneath the 1,580-point plateau, with Wednesday’s session expected to see continued sideways or downward movement.
The global forecast for Asian markets is negative, driven by rising crude oil prices and treasury yields ahead of a closely watched U.S. rate decision.
European and U.S. markets both closed lower in the prior session, and Asian bourses are expected to open in similarly cautious fashion.
The SET finished modestly lower on Tuesday, as losses among food and technology stocks were partially offset by gains in the financial, resource, and industrial sectors.
The index sank 12.41 points or 0.78 percent on the day, closing at 1,578.66 after trading between 1,577.20 and 1,592.28.
Volume reached 9.508 billion shares worth 75.788 billion baht, with 235 gainers, 207 decliners, and 211 stocks finishing unchanged.
The lead from Wall Street was weak, with major averages opening lower on Tuesday and remaining in negative territory for the entire session.
The Dow dropped 328.09 points or 0.63 percent to finish at 62,093.11, while the NASDAQ shed 204.84 points or 0.78 percent to end at 25,981.57.
The S&P 500 fell 34.25 points or 0.45 percent to close at 7,585.73, adding to a broader pattern of market unease tied to rate expectations.
Weakness on Wall Street came amid a notable rise in treasury yields, with the benchmark ten-year note reaching its highest intraday level since July 2007.
Concerns about inflation and interest rates have pushed yields higher, with the Federal Reserve’s monetary policy decision drawing intense focus from investors globally.
The Fed is widely expected to raise interest rates, with CME Group’s FedWatch Tool indicating a 94.5 percent chance of a quarter-point rate hike.
A sharp rise in crude oil prices added further pressure on equities, amid reports of fresh Houthi strikes on Saudi Arabia disrupting regional energy supply.
Saudi Arabia’s shutdown of its East-West pipeline intensified supply concerns, sending West Texas Intermediate crude for October delivery up $4.37 or 4.31 percent to $105.76 per barrel.
Traders appeared reluctant to make more aggressive moves in either direction ahead of the Fed’s policy announcement, keeping volatility in a measured range.
For the Thai market, the combination of elevated oil prices, higher U.S. yields, and Fed uncertainty creates a challenging backdrop for any near-term recovery.
Analysts widely expect the SET to continue consolidating until clearer signals emerge from the Federal Reserve and global commodity markets stabilize.
