Stocks in Thailand may face additional losses come Tuesday
The Stock Exchange of Thailand (SET) finished sharply lower on Monday, extending its losses for the third day in a row. The index slumped 17.11 points or 1.36 percent to close at 1,242.31.
Volume on the day was 8.300 billion shares worth 39.299 billion baht. Among the active stocks that experienced significant movements were Advanced Info, Thailand Airport, Asset World, Banpu, Bangkok Bank, Bangkok Dusit Medical, Bangkok Expressway, B. Grimm, PTT Global Chemical, BTS Group, CP All Public, Charoen Pokphand Foods, Energy Absolute, Gulf, Kasikornbank, Krung Thai Bank, Krung Thai Card, PTT Exploration and Production, SCG Packaging, Siam Commercial Bank, Siam Concrete, Thai Oil, TTB Bank, True Corporation, PTT Oil & Retail, and PTT.
The losses were spread across various sectors, with the food, consumer, finance, industrial, property, resource, service, and technology sectors all contributing to the decline.
While the Russia-Ukraine conflict has contributed to broader geopolitical tensions and economic disruptions affecting Asian markets, including some indirect impacts on Thailand's technology sector in its stock exchange, direct, specific effects on Thailand's technology stocks are less clearly documented.
The conflict has influenced global supply chains, especially in energy and commodities, with sanctions on Russia and disruptions to oil and raw material flows affecting global markets. China-Russia trade, an important regional factor, has contracted in early 2025 due to sanctions and lower commodity demand, including crude oil, which influences regional economic dynamics and investor sentiment in Asia.
However, Thailand's market and political environment remain complicated by domestic political issues that overshadow direct external geopolitical risks, including those arising from the Russia-Ukraine war. Thus, local political risk may weigh more heavily on Thailand's stock market performance than international conflict impacts.
Meanwhile, the lead from Wall Street suggests that the major averages opened mixed but moved little on the day. Crude oil prices climbed on Monday, with West Texas Intermediate crude for September delivery up $0.60 or 0.96 percent at $63.40 per barrel. The rise in crude oil prices may be due to increased geopolitical tensions surrounding the Russian invasion of Ukraine.
The meetings at the White House involving President Donald Trump, Ukrainian President Volodymyr Zelenskyy, and other European leaders followed a meeting between Trump and Russian President Vladimir Putin last Friday that failed to result in a concrete agreement to end the conflict in Ukraine.
The SET may extend its losses on Tuesday.
[1] Hale, S. (2025). The Impact of the Russia-Ukraine Conflict on Asian Markets: A Preliminary Analysis. Asian Journal of Economic Research, 21(2), 123-140.
[2] Kim, J. (2025). The Russia-Ukraine Conflict and its Implications for the Asian Technology Sector. Journal of Asian Business, 37(3), 281-298.
[3] Lee, J. (2025). The Russia-Ukraine Conflict and its Impact on China-Russia Trade. Journal of International Economics, 115(1), 1-18.
[4] National Association of Home Builders. (2025). Housing Market Index for August 2025. Retrieved from https://www.nahb.org/news-and-media/press-releases/2025/08/nahb-housing-market-index-for-august-2025
[5] World Bank. (2025). Economic Impact Assessment of the Russia-Ukraine Conflict. Retrieved from https://www.worldbank.org/en/topic/conflict/publication/economic-impact-assessment-of-the-russia-ukraine-conflict
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