Mr. Gun Hathaisattha, Chief Investment Strategist and Economist of the Research Division at CGS International (CGSI) Securities (Thailand), during the “Kaohoon” program on December 4, 2025, expects the support and resistance levels for the Stock Exchange of Thailand (SET) Index until the end of the year to be 1,250 points and 1,300 points, respectively.
He noted that the market index will remain volatile until the next election concludes, which is expected around mid-2026. Mr. Gun advised investors to focus on April and May next year, the period leading up to the election, citing that the election rally should support retail stocks like CP All PCL (SET: CPALL), as well as stocks currently weighed down by negative sentiments, such as Gulf Development PCL (SET: GULF).
As for the dissolution of parliament, Mr. Gun forecast that it will take place at the end of January, as the current government aims to implement the second phase of the “Half-Half Plus” scheme before the dissolution. He added that the administration is currently at a disadvantage and could risk losing the next election if parliament is dissolved this month.
Regarding the upcoming stimulus measures, CGSI expected them to support the market but at a moderate level since the previous measures did not show significant achievement as expected. Still, Mr. Gun noted that these new measures should support big-cap stocks.
He recommended dividend stocks and those among banking and ICT sectors, such as Kasikornbank PCL (SET: KBANK), SCB X PCL (SET: SCB), Kiatnakin Phatra Bank PCL (SET: KKP), and Advanced Info Service PCL (SET: ADVANC).
In the past two months, Airports of Thailand PCL (SET: AOT) has benefited from several developments, including the finalized agreement with King Power Duty Free Co., Ltd. (KPD), the approval to increase passenger service charges (PSC), and the ongoing China–Japan dispute that has redirected Chinese tourists to Thailand.
However, Mr. Gun recommended investors to take profit on AOT as the current price has priced in all positive factors. Instead, he advised the tourism sector with low valuation, such as Minor International PCL (SET: MINT).
