Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities, stated in the “Kaohoon” program on December 19, 2025, that the Stock Exchange of Thailand (SET) Index will be driven by an upward trend in foreign markets. He forecasted that the index will move within a range of 1,240–1,275 points from today through next week.
Regarding next week, Mr. Kantara warned that as the Christmas holiday approaches, trading volume is likely to slow as more investors adjust their portfolios. With limited catalysts to support further upside, he recommended focusing on dividend stocks with strong payout ratios. This includes Ichitan Group PCL (SET: ICHI), which offers a payout ratio of around 9%, as well as banking stocks that continue to provide attractive dividend yields.
Mr. Kantara also forecast a rally about two weeks before the election period, around late January to early February. He recommended domestic and consumption plays, particularly stocks in the financial, food, healthcare, and real estate sectors. However, he warned that if there is a postponement in the election timeline, the SET Index is likely to head downward.
Regarding the significant capital outflow, Mr. Kantara noted that investors would return once confidence in the Thai market improves. For now, strong gains in foreign markets, along with the issuance of depositary receipts (DRs) and easier access to overseas investments, continue to divert funds away from Thailand.
