Thailand’s SET Index closed at 1,280.07 points, rising by 10.81 points or 0.85% with a trading value of 33,899.70 million baht on Monday, November 17, 2025. The analyst indicated that the Thai stock market rebounded today in line with regional markets and also received support from the energy sector, which climbed following crude oil prices. There was also buying interest in domestic play stocks, amid expectations that the Thai economy will recover in 4Q25.
Tomorrow’s outlook remains positive, but upside is increasingly limited. This week, it is advised to monitor the release of US economic indicators and the Cabinet meeting. The support level is set at 1,270 points and the resistance at 1,290 points.
Gulf Development’s billionaire CEO Sarath Ratanavadi has emerged as a significant shareholder in Krung Thai Bank (SET: KTB), securing the eighth position among the bank’s top shareholders with a holding of 130 million shares, representing 0.9% of total shares.
The shareholder registry shows the Ministry of Finance remains the dominant shareholder with 7,696.2 million shares (55.0%), followed by institutional investors including Thai NVDR Company Limited at 8.8% and Vayupak Fund at 4.1%. International institutional investors such as State Street Europe Limited, South East Asia UK nominees, and various custodian banks round out the major shareholders.
Citi Research has initiated coverage of Gulf Development Public Company Limited (SET: GULF), Thailand’s largest power developer, with a “Buy” rating and a target price of Bt60, based on 30x 2026E price/earnings ratio (PER). Highlighting GULF’s role as a “proxy” for the nation’s green energy transition, Citi points to the company’s robust fundamentals and significant growth prospects under Thailand’s evolving Power Development Plan (PDP).
The shares of the airline and hotel service sector rose marginally across the board, following the Chinese government issuing a travel warning advising citizens against traveling to Japan due to safety concerns, as diplomatic relations between the two countries have become strained over the Taiwan issue.
Krungsri Securities viewed that (1) escalating diplomatic tensions will impact investment sentiment in both countries. If the situation worsened, it could negatively affect global tech stocks, as Taiwan is the world’s number one semiconductor producer.
The brokerage also viewed (2) the Chinese government’s travel warning as a positive psychological factor for Thailand’s tourism sector, as Chinese tourists may shift from Japan to other countries, especially Thailand.
