FADING HOPES OF QUICK END TO WAR DEPRESS STOCKS

RECAP: Asian stocks retreated yesterday as dwindling hopes of a resolution to the war with Iran kept oil prices aloft, though a US waiver allowing purchases of Russian crude helped keep a floor under losses.

- NUNTAWUN POLKUAMDEE NAREERAT WIRIYAPONG

The Thai bourse fell by nearly 1.5% on Friday as optimism about the new government setup was not enough to support sentiment while global markets remained under pressure.

The SET index moved in a range of 1,331.23 and 1,429.80 points this week, before closing yesterday at 1,409.35, down 0.1% from the previous week, with daily turnover averaging 66.83 billion baht.

Retail investors were net buyers of 10.23 billion baht, followed by institutional investors at 7.13 billion. Foreign investors were net sellers of 15.17 billion baht, followed by brokerage firms at 2.19 billion.

NEWSMAKERS: The United States is removing sanctions on Russian oil currently stranded at sea for 30 days, Treasury Secretary Scott Bessent announced, in an attempt to stabilise energy markets roiled by the war on Iran. Thailand is among the countries saying it would consider buying Russian oil.

Oil prices climbed back above $100 a barrel after Iran struck two fuel tankers and supreme leader Mojtaba Khamenei vowed to keep blocking the Strait of Hormuz, where several cargo ships have also been attacked.

Iran's Revolutionary Guards have threatened to attack "economic centres and banks" related to US and Israeli entities after what it alleged was an attack on an Iranian bank.

The Trump administration announced new investigations into unfair trade practices by dozens of countries, including Thailand, China and the EU, under Section 301 of the Trade Act, with the goal of replacing the tariffs the Supreme Court had ruled illegal.

President Trump continues to say the war would end "soon" as there was "practically nothing left to target", while Israel's defence minister insists there is no time limit to the US-Israeli operation against Iran.

The International Energy Agency (IEA) said member countries would release a record 400 million barrels of oil, the largest ever oil reserve release, in an attempt to curb the economic impact of the war.