Power stocks sink as SET slides 100 points, nears breaker
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.
Panic selling drags index through 1,400
Thailand’s stock market suffered one of its most volatile sessions of the year on Wednesday morning (March 4, 2026), with the SET Index plunging by more than 100 points and slipping below the key 1,400 support level. The drop left the market nearing Circuit Breaker territory, amid sharply rising LNG costs and an escalating Middle East conflict with no clear signs of de-escalation.
Gun Hathaisattha, Head of Investment Strategy and Economist at CGS-International Securities (Thailand), told Krungthep Turakij the market saw immediate panic selling at the open. The index fell nearly 7% as several macro pressures hit sentiment at once, including rapidly rising global LNG prices after production halts by major suppliers and ongoing geopolitical strain that continues to unsettle energy markets.
LNG squeeze hits gas-fired power producers
Gun said the most severe pressure in the sell-off came from the energy complex—especially power producers—because these stocks carry significant weight in the index and are directly affected by higher imported fuel costs.
Thailand imports around 27% of its total gas consumption as LNG, leaving gas-reliant power plants exposed to immediate margin compression when LNG prices spike. While power stocks weighed heavily on the index, upstream names such as PTTEP and BANPU were more resilient, supported by higher global crude oil prices.
Conflict timeline shapes market risks
CGS-International expects the conflict could last about 4–5 weeks, with the market currently only at the end of the first week. Gun warned that if the situation escalates further—such as attacks on US allies in the Middle East—the downside risk could intensify and push the market lower.
On the other hand, if the conflict ends sooner than expected, he said a sharp rebound is possible, as much of the move appears driven by short-term fear and panic selling.
Strategy: hedge, stagger entries, watch 1,370 and 1,350
For investors holding positions around the 1,300–1,400 range, or those considering new entries, Gun recommended a hedged approach—buying stocks alongside gold to balance risk. He flagged 1,350 as an attractive accumulation zone and advised using DCA, or staggered buying, rather than deploying all capital at once.
Key near-term support levels are seen at 1,370 and 1,350 points.
