The ongoing conflict in the Middle East shows signs of prolonged tension with no end in sight. Recently, tensions flared again when Donald Trump abruptly reversed his stance within 24 hours—from signaling a de-escalation to issuing a stern statement threatening to “attack and utterly destroy” Iran if it does not reopen the Strait of Hormuz within 48 hours.
This development immediately undermined global investor confidence, causing Asian stock markets and the Thai stock market this morning (23 Mar 2026) to plunge sharply in response to the increased risks. Analysts recommend holding 30-50% cash in portfolios and avoiding four groups of risky stocks for the time being.
Global stock markets are under heavy pressure. The situation in the Middle East appears to be intensifying again as Donald Trump issued a statement threatening to attack Iran’s power plants.
He used strong language, stating he would “attack and utterly destroy” and set a 48-hour deadline for Iran to reopen the Strait of Hormuz to allow commercial and oil tankers to pass freely.
This stance is a complete reversal compared to the previous day when the U.S. had shown intentions to de-escalate the situation.
This sudden change within just 24 hours reflects a significant rise in uncertainty. Many see this as “bad news” that could lead to an escalation and wider spread of the war.
Ultimately, global investors must closely monitor U.S. authorities’ approach to see whether they aim to “contain the situation” within limits or “accelerate the conflict,” potentially causing widespread economic impacts worldwide.
The escalating tensions caused Asian stock markets to turn red across the board this morning. Key regional indices all declined broadly, and at 12:00 noon (Thailand time)
Meanwhile, the Thai stock market also opened lower this morning, with the SET Index dropping over 30 points, about 2.2%, to around 1,400 points. Selling pressure continued into the opening, reflecting clear investor reactions to foreign risk factors.
However, an unusual development alongside the stock sell-off causing investor confusion was the sharp drop in gold prices.
Normally considered a safe-haven asset during geopolitical crises, gold prices (Gold Spot) declined today, causing Thai gold prices to open down by more than 1,800 baht per baht-weight.
Analysts from Dao Securities (Thailand) Public Company Limited stated that the U.S. leader’s flip-flopping—from attempting to reduce tensions to threatening and pressuring Iran harshly—is very concerning.
From now on, how this will be managed to avoid extreme violence must be watched. It is impossible to predict whether Iran or Israel wants to end the war.
Therefore, the advice is to avoid or be cautious investing in stocks affected by the war so far, including hotel groups, airlines, retail groups, and power plants impacted by rising LNG prices.
. Research team from Asia Plus Securities Company Limited noted that the ongoing war and increasing risks near infrastructure are pushing energy costs to stay high, alongside rising bond yields, causing extreme investor fear, as reflected by the FEAR & GREED INDEX dropping to just 15.
Hence, under this uncertainty, the strategy recommended is holding 30-50% cash in portfolios. Highlighted stocks include essential goods-related stocks like CPAXT, CPF, TU, TRUE; cost-pass-through stocks such as BANPU, STA, PTTEP; and inflation-hedging banks like BBL, KTB, SCB.
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