Thailand’s Stock Market underperformed in November, falling nearly 6% to close at 1,256.69 points, amid global and local concerns. Key factors included the US government shutdown, disappointing Q3 GDP growth of 1.2%, and a sell-off in US tech stocks due to AI fears. The market’s average daily turnover dropped by 13% to 33.8 billion baht.
In December, despite some negative factors like ongoing regional tensions, valuations are attractive—similar to COVID-19 levels—making it a potential buying opportunity once Delta Electronics’ impact is excluded.
The US Federal Reserve’s recent rate cut and revised outlook suggest limited further rate reductions, while robust US economic growth and inflation pose challenges to lowering rates further. Regional tensions with Cambodia may affect Thai trade and corporate plans moving forward.
For December, key stock picks include ADVANC, CPALL, SCCC, and TASCO—companies with strong fundamentals, attractive dividends, and ESG appeal. These stocks are expected to benefit from the upcoming tax season, domestic consumption, and government infrastructure spending in the new year.