The Baht fell slightly after hitting the strongest level in 3 years and 5 months while the SET remained above 1,200 points

•    Trade on the Thai stock market was volatile throughout the week but managed to close above 1,200 points for the second consecutive week.
The SET moved within a narrow range before experiencing a sharp drop, primarily due to heavy selling by domestic institutional investors. The sell-off was concentrated in large-cap stocks such as those of energy, retail, technology and banking companies after the release of 2Q-2025 performance results. However, the SET rebounded beyond 1,200 points around mid-week amid optimism towards trade negotiations between Thailand and the US, following reports that Japan and the Philippines had reached trade agreements with the US, resulting in lower import tariffs — 15% for Japan and 19% for the Philippines. 
 
The SET dropped again later amid escalating tensions along the Thai-Cambodian border. However, the decline remained relatively limited, as market assessed that the issue should have a limited impact on the overall economy, although the situation warrants close monitoring. Additionally, investors continued to closely monitor the progress of Thailand-US trade negotiations, as the deadline of August 1, 2025, approaches.
•    On Friday, July 25, 2025, the SET closed at 1,217.15 points, up 0.88% over-week. The average daily trading value was THB44,247.05 million, down 8.50% over-week. The mai closed at 248.24 points, down 0.96% over-week. 
•    July 28 – August 1, 2025, KSecurities expects the SET to have support at 1,205 and 1,175 points, but resistance at 1,230 and 1,255 points, respectively. KResearch advises investors to watch key factors, including FOMC meeting (July 29-30), 2Q-2025 performance results of Thai listed companies, issues related to US reciprocal tariffs, particularly the results of trade talks between Thailand and US, and foreign fund flows. The US economic data that warrant close monitoring include July ADP Employment Report, Non-farm Payrolls, Unemployment Rate, Manufacturing PMI/ISM, June Personal Income and Outlays, PCE/Core PCE Price Index, GDP report for 2Q-2025, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming BOJ meeting, Eurozone’s GDP report for 2Q-2025, July Manufacturing PMI of China, Japan, Eurozone and UK, plus Eurozone’s July CPI (Flash).