Thailand’s benchmark SET Index climbed to a nine-month high, gaining as much as 2.3 % in the morning session to reach 1,344.46 points, on the back of a convergence of favourable global and domestic factors.

The rally was driven by softer-than-expected U.S. inflation data, strong third-quarter earnings from major firms and positive regional geopolitical developments.

Investor sentiment was lifted after the U.S. Consumer Price Index (CPI) for September showed a month-on-month increase of just 0.3 % and a year-on-year rise of 3.0 %, while the core CPI rose only 0.2 %—figures that heightened expectations the Federal Reserve may cut interest rates soon, thus improving risk appetite for emerging markets.

On the domestic front, Delta Electronics (Thailand) PCL (SET: DELTA) stood out with third-quarter sales of ‎฿53,214 million, up 23.1 % year-on-year, and net profit of ‎฿7,441 million, a 25.9 % increase, driven by strong demand in power-electronics, automation and data-centre segments.

This reinforced the market’s momentum and helped lift broader sectors.

Regional stability further supported the mood.

Thailand and Cambodia signed an expanded cease-fire agreement at the recent ASEAN summit, helping to reduce tail-risks in the region and bolster investor confidence in Thai equities and ASEAN markets more broadly.

Market watchers noted that the combination of global monetary easing prospects, strong corporate earnings and regional diplomacy has provided a clear pathway for renewed inflows into Thai equities—just as the SET had been under pressure earlier in the year.

Analysts emphasise that sustaining the rally will require continued corporate performance and further confirmation from trade and monetary channels.

For the moment, though, the SET’s rise reflects a timely convergence of internal and external catalysts aligned with Thailand’s investment-case revival.