Mr. Pongpat Siripipat, Investment Analyst from InnovestX Securities, a securities company in the SCBX group, stated in the “Kaohoon” program on February 2, 2026, that the Stock Exchange of Thailand (SET) Index is likely to move downward, in line with broader declines across Asian markets. He cited increased capital outflows following a period of strong inflows.
Regarding market catalysts, Mr. Pongpat highlighted U.S. President Donald Trump’s nomination of Kevin Warsh as the new Chairman of the U.S. Federal Reserve. This news has strengthened the U.S. dollar and weakened the Thai baht. Although Warsh is viewed as hawkish, the market still anticipates that the Fed will continue cutting interest rates.
Another catalyst is Thailand’s election. Mr. Pongpat noted that the SET Index has historically remained in positive territory about two weeks before the election and continued to stay positive for around one month afterward. However, the market is currently being weighed down by overseas developments, such as tensions between the U.S. and Iran. Nonetheless, if the election produces a clear outcome and the leading political party introduces strong stimulus measures, capital inflows could return to the Thai stock market.
Mr. Pongpat recommended infrastructure-related sectors that are likely to advance after the election, such as banking, information and communication technology (ICT), and construction services. Recommended stocks include Advanced Info Service PCL (SET: ADVANC), CH. Karnchang PCL (SET: CK), and Stecon Group PCL (SET: STECON).
