SET triggers circuit breaker after 8.01% plunge
Thailand’s SET Index tumbled more than 100 points in the March 4, 2026 morning session, breaking below 1,400 and edging closer to Circuit Breaker levels. Analysts pointed to panic selling, surging LNG costs and intensifying Middle East tensions as power producers came under heavy pressure.
- The Stock Exchange of Thailand (SET) activated a circuit breaker, temporarily halting trading after the index fell 8.01%, or 117.52 points.
- The plunge was driven by panic selling in heavyweight power producer stocks, which are heavily weighted in the index.
- This sell-off was a reaction to surging liquefied natural gas (LNG) costs and escalating Middle East tensions, which directly impact the profitability of gas-reliant power plants.
The Stock Exchange of Thailand temporarily halted trading between 12:18pm and 12:30pm on March 4, 2026 after the SET Index fell 117.52 points, or 8.01%, from the previous close—triggering the Circuit Breaker under exchange rules. The sell-off was driven by panic selling in heavyweight power producers amid surging LNG costs and escalating Middle East tensions.
Circuit breaker triggered after 8% drop
Between 12:18pm and 12:30pm, the SET temporarily halted securities trading after the index fell by 117.52 points, or 8.01%, from the previous trading day’s closing level—triggering the Circuit Breaker under the exchange’s rules. Trading will resume in the afternoon session at the normal time.
Power sector drags index below 1,400
Earlier in the morning session, the SET Index plunged by more than 100 points and broke below the key 1,400 support level, marking one of the most volatile trading days of the year. The sell-off was fuelled by sharply higher LNG costs and an escalating Middle East conflict, which has continued to rattle global energy markets.
Gun Hathaisattha, Head of Investment Strategy and Economist at CGS-International Securities (Thailand), told Krungthep Turakij the market was hit by immediate panic selling at the open, with the index down nearly 7% at one point as macro pressures piled up.
LNG squeeze hits gas-fired power producers
Gun said the primary pressure in the downturn came from the energy sector—particularly power producers—because of their heavy weighting in the index and their direct exposure to higher imported fuel costs.
Thailand imports around 27% of its total gas consumption as LNG, leaving gas-reliant power plants facing immediate margin compression when LNG prices surge. While power stocks dragged the index down, upstream energy names such as PTTEP and BANPU were more resilient, supported by higher global crude oil prices.
Outlook and strategy: watch 1,370 and 1,350
CGS-International expects the conflict could last around 4–5 weeks, with markets currently only at the end of the first week. Gun warned that an escalation—such as attacks on US allies in the Middle East—could deepen losses, while an earlier-than-expected end could trigger a sharp rebound as sentiment stabilises.
For investors holding positions around the 1,300–1,400 range, or considering new entries, Gun recommended hedging by pairing stock exposure with gold. He flagged 1,350 as an attractive accumulation zone and advised using DCA (staggered buying) rather than deploying all capital at once. Key near-term support levels are seen at 1,370 and 1,350 points.
