{"id":7447,"date":"2026-09-13T17:00:00","date_gmt":"2026-09-13T10:00:00","guid":{"rendered":"https:\/\/brokerth.com\/?p=7447"},"modified":"2026-09-13T17:00:00","modified_gmt":"2026-09-13T10:00:00","slug":"set-1604-oil-shock-thai-sectors-2026-en","status":"publish","type":"post","link":"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/","title":{"rendered":"SET Index Drops to 1,604 as Oil Tops $100: Which Thai Sectors Win and Which Lose in 2026"},"content":{"rendered":"<p>The SET index closed at 1,604.52 on September 11 \u2014 down 10.55 points, a 0.65% decline, on THB 71.21 billion in daily trading volume. The proximate cause is Brent crude pushing above $100 per barrel, driven by Middle East tensions. But crude at $100 doesn&#8217;t affect every Thai sector the same way. Here&#8217;s where the winners and losers actually are.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/#Why_Oil_Above_100_Isnt_Simply_Bad_for_SET\" >Why Oil Above $100 Isn&#8217;t Simply Bad for SET<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/#Sectors_Under_Pressure\" >Sectors Under Pressure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/#Sectors_That_May_Benefit\" >Sectors That May Benefit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/#The_1600_Level_Technical_Context\" >The 1,600 Level: Technical Context<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/#What_Thai_Investors_Should_Consider_for_Q4\" >What Thai Investors Should Consider for Q4<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Why_Oil_Above_100_Isnt_Simply_Bad_for_SET\"><\/span>Why Oil Above $100 Isn&#8217;t Simply Bad for SET<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Thailand is a net oil importer, so rising crude is broadly negative for the economy \u2014 higher energy costs raise production costs, compress consumer spending power, and inflate the import bill. But the stock market is not the economy. Several of the most heavily weighted SET names sit directly in the energy sector, and for them, $100 crude is a revenue driver.<\/p>\n<p>The September 11 volume of THB 71.21 billion reflects active repositioning, not panic selling. Institutions are rotating \u2014 trimming exposure to sectors hurt by oil, adding to sectors that benefit. Understanding that rotation is more useful than reacting to the headline index number.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sectors_Under_Pressure\"><\/span>Sectors Under Pressure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Transport and airlines:<\/strong> Fuel costs are the largest variable expense for airlines and logistics companies. Thai Airways and Bangkok Airways face direct margin compression when jet fuel prices rise alongside crude. Cargo and trucking operators see similar cost increases with less pricing power than airlines to pass them through quickly.<\/p>\n<p><strong>Consumer staples and packaged goods:<\/strong> Food processors, retailers, and packaged goods companies face rising input costs \u2014 from packaging (petroleum-based), freight, and raw material transport. Margin pressure is real, though established brands can absorb more than smaller operators.<\/p>\n<p><strong>Energy-intensive industrials:<\/strong> Cement, steel, paper, and glass manufacturers all face higher energy input costs. These sectors also often have longer contract cycles, meaning they can&#8217;t immediately reprice \u2014 cost increases hit margins before revenue adjustments catch up.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sectors_That_May_Benefit\"><\/span>Sectors That May Benefit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Upstream energy:<\/strong> PTTEP (PTT Exploration and Production) is the direct beneficiary of higher crude. It explores and produces oil and gas \u2014 every dollar rise in Brent translates into better realized prices on its production. At Brent above $100, PTTEP&#8217;s earnings trajectory looks materially better than it did in Q2.<\/p>\n<p><strong>PTT itself<\/strong> is more complex \u2014 it has upstream, midstream, and downstream businesses. Higher crude helps the upstream (PTTEP exposure) but pressures the downstream refining and petrochemical segments. Net impact depends on spread dynamics.<\/p>\n<p><strong>Coal and LNG suppliers:<\/strong> Secondary beneficiaries as alternative energy sources see demand when crude rises. Relevant for some smaller-cap SET names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_1600_Level_Technical_Context\"><\/span>The 1,600 Level: Technical Context<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The SET broke above 1,600 earlier in 2026, and the index is now retesting that level as support. A sustained close below 1,600 would be a bearish technical signal \u2014 it would mean the breakout has failed and the 2026 range expansion has reversed. Watch Friday&#8217;s close carefully if weakness continues into the week&#8217;s end.<\/p>\n<p>Foreign investors have been net sellers on SET this quarter. Domestic institutions and retail have provided the offsetting buying. If FOMC delivers a rate hike on September 16, foreign selling of EM equities typically accelerates \u2014 which would add to the pressure on the 1,600 support.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Thai_Investors_Should_Consider_for_Q4\"><\/span>What Thai Investors Should Consider for Q4<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If oil stays above $100 through Q4 \u2014 which requires Middle East tensions to remain elevated \u2014 energy overweight makes sense within the SET. PTTEP remains the clearest expression of that view.<\/p>\n<p>Trim or avoid transport-heavy positions. Airlines and logistics face sustained margin pressure unless crude reverses meaningfully.<\/p>\n<p>Banking and property sectors: \u0e18\u0e1b\u0e17.&#8217;s unchanged 1.0% rate limits the upside catalyst for rate-sensitive sectors. Banks benefit from wider net interest margins when rates rise, but Thailand isn&#8217;t raising rates \u2014 so that catalyst isn&#8217;t available here.<\/p>\n<p>The SET at 1,604 is a level worth watching closely. It&#8217;s not a crash \u2014 it&#8217;s a test. What happens at 1,600 over the next two weeks will tell you a lot about Q4 direction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SET index closed at 1,604.52 on September 11, down 0.65%, as Brent crude topped $100. Not all Thai sectors suffer equally. Here is where the money is moving.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_gspb_post_css":"","footnotes":""},"categories":[34],"tags":[],"offerexpiration":[],"class_list":["post-7447","post","type-post","status-publish","format-standard","hentry","category-investing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SET 1,604 and Oil Above $100: Thai Sector Winners and Losers 2026<\/title>\n<meta name=\"description\" content=\"The SET index closed at 1,604.52 on September 11, down 0.65%, as Brent crude topped $100. Not all Thai sectors suffer equally. Here is where the money is moving.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SET 1,604 and Oil Above $100: Thai Sector Winners and Losers 2026\" \/>\n<meta property=\"og:description\" content=\"The SET index closed at 1,604.52 on September 11, down 0.65%, as Brent crude topped $100. Not all Thai sectors suffer equally. Here is where the money is moving.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/\" \/>\n<meta property=\"og:site_name\" content=\"BrokerTH\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-13T10:00:00+00:00\" \/>\n<meta name=\"author\" content=\"BrokerTH\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"BrokerTH\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/broker-th.com\\\/en\\\/set-1604-oil-shock-thai-sectors-2026-en\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/broker-th.com\\\/en\\\/set-1604-oil-shock-thai-sectors-2026-en\\\/\"},\"author\":{\"name\":\"BrokerTH\",\"@id\":\"https:\\\/\\\/broker-th.com\\\/en\\\/#\\\/schema\\\/person\\\/a19d8339705edccda3bd93d1c87a0514\"},\"headline\":\"SET Index Drops to 1,604 as Oil Tops $100: Which Thai Sectors Win and Which Lose in 2026\",\"datePublished\":\"2026-09-13T10:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/broker-th.com\\\/en\\\/set-1604-oil-shock-thai-sectors-2026-en\\\/\"},\"wordCount\":634,\"articleSection\":[\"Stock &amp; Investment\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/broker-th.com\\\/en\\\/set-1604-oil-shock-thai-sectors-2026-en\\\/\",\"url\":\"https:\\\/\\\/broker-th.com\\\/en\\\/set-1604-oil-shock-thai-sectors-2026-en\\\/\",\"name\":\"SET 1,604 and Oil Above $100: Thai Sector Winners and Losers 2026\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/broker-th.com\\\/en\\\/#website\"},\"datePublished\":\"2026-09-13T10:00:00+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/broker-th.com\\\/en\\\/#\\\/schema\\\/person\\\/a19d8339705edccda3bd93d1c87a0514\"},\"description\":\"The SET index closed at 1,604.52 on September 11, down 0.65%, as Brent crude topped $100. Not all Thai sectors suffer equally. Here is where the money is moving.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/broker-th.com\\\/en\\\/set-1604-oil-shock-thai-sectors-2026-en\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/broker-th.com\\\/en\\\/set-1604-oil-shock-thai-sectors-2026-en\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/broker-th.com\\\/en\\\/set-1604-oil-shock-thai-sectors-2026-en\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/broker-th.com\\\/en\\\/page-6-en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SET Index Drops to 1,604 as Oil Tops $100: Which Thai Sectors Win and Which Lose in 2026\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/broker-th.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/broker-th.com\\\/en\\\/\",\"name\":\"BrokerTH\",\"description\":\"Best Forex Broker, Crypto &amp; Investment Reviews Thailand\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/broker-th.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/broker-th.com\\\/en\\\/#\\\/schema\\\/person\\\/a19d8339705edccda3bd93d1c87a0514\",\"name\":\"BrokerTH\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/e2665f7a93fa22d5423d4d68e183b01df29b95645b5a6f595231899da35b26e7?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/e2665f7a93fa22d5423d4d68e183b01df29b95645b5a6f595231899da35b26e7?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/e2665f7a93fa22d5423d4d68e183b01df29b95645b5a6f595231899da35b26e7?s=96&d=mm&r=g\",\"caption\":\"BrokerTH\"},\"sameAs\":[\"https:\\\/\\\/broker-th.com\"],\"url\":\"https:\\\/\\\/broker-th.com\\\/en\\\/author\\\/adminthbroker\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SET 1,604 and Oil Above $100: Thai Sector Winners and Losers 2026","description":"The SET index closed at 1,604.52 on September 11, down 0.65%, as Brent crude topped $100. Not all Thai sectors suffer equally. Here is where the money is moving.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/","og_locale":"en_US","og_type":"article","og_title":"SET 1,604 and Oil Above $100: Thai Sector Winners and Losers 2026","og_description":"The SET index closed at 1,604.52 on September 11, down 0.65%, as Brent crude topped $100. Not all Thai sectors suffer equally. Here is where the money is moving.","og_url":"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/","og_site_name":"BrokerTH","article_published_time":"2026-09-13T10:00:00+00:00","author":"BrokerTH","twitter_card":"summary_large_image","twitter_misc":{"Written by":"BrokerTH","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/#article","isPartOf":{"@id":"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/"},"author":{"name":"BrokerTH","@id":"https:\/\/broker-th.com\/en\/#\/schema\/person\/a19d8339705edccda3bd93d1c87a0514"},"headline":"SET Index Drops to 1,604 as Oil Tops $100: Which Thai Sectors Win and Which Lose in 2026","datePublished":"2026-09-13T10:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/"},"wordCount":634,"articleSection":["Stock &amp; Investment"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/","url":"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/","name":"SET 1,604 and Oil Above $100: Thai Sector Winners and Losers 2026","isPartOf":{"@id":"https:\/\/broker-th.com\/en\/#website"},"datePublished":"2026-09-13T10:00:00+00:00","author":{"@id":"https:\/\/broker-th.com\/en\/#\/schema\/person\/a19d8339705edccda3bd93d1c87a0514"},"description":"The SET index closed at 1,604.52 on September 11, down 0.65%, as Brent crude topped $100. Not all Thai sectors suffer equally. Here is where the money is moving.","breadcrumb":{"@id":"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/broker-th.com\/en\/set-1604-oil-shock-thai-sectors-2026-en\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/broker-th.com\/en\/page-6-en\/"},{"@type":"ListItem","position":2,"name":"SET Index Drops to 1,604 as Oil Tops $100: Which Thai Sectors Win and Which Lose in 2026"}]},{"@type":"WebSite","@id":"https:\/\/broker-th.com\/en\/#website","url":"https:\/\/broker-th.com\/en\/","name":"BrokerTH","description":"Best Forex Broker, Crypto &amp; Investment Reviews Thailand","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/broker-th.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/broker-th.com\/en\/#\/schema\/person\/a19d8339705edccda3bd93d1c87a0514","name":"BrokerTH","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/e2665f7a93fa22d5423d4d68e183b01df29b95645b5a6f595231899da35b26e7?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/e2665f7a93fa22d5423d4d68e183b01df29b95645b5a6f595231899da35b26e7?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/e2665f7a93fa22d5423d4d68e183b01df29b95645b5a6f595231899da35b26e7?s=96&d=mm&r=g","caption":"BrokerTH"},"sameAs":["https:\/\/broker-th.com"],"url":"https:\/\/broker-th.com\/en\/author\/adminthbroker\/"}]}},"_links":{"self":[{"href":"https:\/\/broker-th.com\/en\/wp-json\/wp\/v2\/posts\/7447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/broker-th.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/broker-th.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/broker-th.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/broker-th.com\/en\/wp-json\/wp\/v2\/comments?post=7447"}],"version-history":[{"count":1,"href":"https:\/\/broker-th.com\/en\/wp-json\/wp\/v2\/posts\/7447\/revisions"}],"predecessor-version":[{"id":7505,"href":"https:\/\/broker-th.com\/en\/wp-json\/wp\/v2\/posts\/7447\/revisions\/7505"}],"wp:attachment":[{"href":"https:\/\/broker-th.com\/en\/wp-json\/wp\/v2\/media?parent=7447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/broker-th.com\/en\/wp-json\/wp\/v2\/categories?post=7447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/broker-th.com\/en\/wp-json\/wp\/v2\/tags?post=7447"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/broker-th.com\/en\/wp-json\/wp\/v2\/offerexpiration?post=7447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}