The Stock Exchange of Thailand has fallen further below key psychological supports, suggesting any recovery in the local equity market will be slower than previously anticipated.
Losses have been led by blue chips such as power (continuous tariff cuts pressuring sentiment, although independent producers are not affected as much), banks, electronics and commerce. Medium- and small-cap stocks that had previously moved with market sentiment have also seen steeper-than-usual corrections.
However, investors have been accumulating certain stocks such as recent initial public offerings, beaten-down stocks, and IT counters (following the launch of the iPhone 15) such as COM7, SYNEX, JMART, CPW and SPVI.
We expect the…
