The Thai stock index closed the morning session sharply lower at 1,593.03 points, down 31.44 points or 1.94 percent, with turnover of 66.46 billion baht. The main selling pressure came from DELTA, which dragged the index down by more than 18 points, followed by selling in banking and energy stocks amid escalating concerns over the Middle East conflict. This pushed crude oil prices sharply higher and reignited market worries about inflation, as well as the Federal Reserve meeting that voted to hold the policy rate at 3.50 to 3.75 percent by a non-unanimous 9-to-3 decision. The market now expects the Fed may raise rates one to two times in the second half of the year, reflected in the 10-year US bond yield rising more than 1.4 percent to 4.70 percent, weighing on global risk asset sentiment. Analysts at ASL Securities see intraday support at 1,585 and 1,575 points, which should not be breached, and psychological resistance at 1,600 and 1,610 points. Meanwhile, Globlex Securities estimates the afternoon session range at 1,585 to 1,600 points, with buying support from the commerce, ICT, and tourism sectors.
Delta Electronics (Thailand) Public Company LimitedDELTA is the main sell-off driver due to Middle East tensions, which also push oil prices higher and weigh on risk assets.