Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), stated in “Kaohoon” program on November 19, 2025, that because of several negative factors Thailand are facing, the Stock Exchange of Thailand (SET) index is likely to be volatile, moving in a wider range. Although KSS still maintained this year’s goal of 1,370 points, Mr. Chaiyot stated that it will be difficult for the market to achieve this as the current circumstances dim the sentiment.
Mr. Chaiyot added that when foreign investors examine the Thai stock market, they focus on a specific sector. On third quarter earnings, the banking, ICT, refinery, and hospital sectors have reported strong performances. As for the fourth quarters, Mr. Chaiyot recommended ICT, citing a possible strong growth. Refinery stocks are recommended due to high refining margin as Russian oil faces sanction and attacks from Ukraine. Additionally, the tourism sector should benefit from the high season and the Thai government’s stimulus measures.
Regarding the low trading volume recently, Mr. Chaiyot explained that it was due to the concern that the Federal Reserve may not cut the interest rate this December. Although the U.S. labor market is weakening, the central bank has held back on making a decision due to unclear economic data caused by delays in releases following the government shutdown.
Another reason is the volatility in the AI sector that weighs on Asia and Dow Jones Indices. In the past two to three years, the sector received high valuation, leading to a profit taking following negative news about the sector as investors tend to rotate into safe-haven assets such as gold, causing the sector to decline. There is also a likelihood that trading volume of the overall market will drop even further during the end of the year since it was time when foreign investors rearranged their portfolios.
Mr. Chaiyot also pointed out the political instability in Thailand. With several parties taking turns to lead the government in a short period, there has been no continuity in stimulus measures, preventing the Thai market from attracting significant fund flows. If the next election results in one political party dominating the parliament, Mr. Chaiyot estimated that the SET Index will head into the positive territory.
Regarding the Thailand ESG Funds, Mr. Chaiyot stated that there is potential for strong growth. The funds offer investors flexibility to choose between bonds and equities. Given the current instability, investors can initially invest in bonds and shift to stocks once the outlook becomes clearer.
