• The Thai stock market tumbled at the end of the week in line with other regional bourses.
The SET Index rose early in the week driven by foreign investor buying, led by large-cap banking and technology stocks, despite negative factor from Thailand’s 3Q-2025 GDP report, which came out relatively weak. Some investors assessed that the weak economic data might prompt the Monetary Policy Committee to cut the policy rate at its December meeting. The SET Index then moved within a narrow range during the week due to the lack of new catalysts.
However, the SET Index plunged sharply to its lowest level in more than two and a half months at 1,248.89 points at the end of the week, in line with other regional bourses. This was due to renewed investor concerns about a potential bubble in US technology stocks, which triggered profit-taking across several sectors, led by technology. In addition, the market assessed that the Fed might not cut interest rates at its December meeting, as the FOMC minutes indicated that many officials deemed it appropriate to keep interest rates steady for the remainder of the year. Moreover, the US nonfarm payroll data for September came out stronger than expected.
• On Friday, November 21, 2025, the SET closed at 1,254.40 points, down 1.17% over-week. The average daily trading value was THB32,639.36 million, down 2.46% over-week. The mai closed at 215.02 points, down 2.04% over-week.
• November 24-28, 2025, KSecurities expects the SET to have support at 1,230 and 1,215 points, but resistance at 1,265 and 1,285 points, respectively. KResearch advises investors to watch key factors, including Thailand’s October Exports and foreign capital flows. The US economic data that warrant close monitoring include September PPI, Fed’s Beige Book, and Weekly Jobless Claims. Other important overseas economic indicators to monitor include China’s October Industrial Profit and Japan’s October Industrial Production and Retail Sales.
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