Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), during the “Kaohoon” program on February 19, 2026, expected today’s support and resistance levels for the Stock Exchange of Thailand (SET) Index to be 1,460 points and 1,475/ 1,487 points, respectively.
He noted that last year, the SET Index was pressured by several negative catalysts, including the conflict between Thailand and Cambodia, flooding in the southern region, and a minority government coalition. However, this year, the index is returning to a more positive trajectory, supported by multiple factors such as corporate earnings that met forecasts, strong capital inflows, and the potential formation of a majority government coalition.
Regarding MSCI’s possible reclassification of Indonesia from an “emerging” to a “frontier” market, Thailand stands to benefit as its strong liquidity has attracted a significant volume of capital inflows. He estimated that this could lead to the inclusion of additional Thai stocks in the MSCI Index.
In the event that MSCI decides not to downgrade Indonesia’s market this May, Mr. Koraphat noted that some funds may shift back to Indonesia. However, by that time, the inflows is likely to have significantly lifted Thailand’s market capitalization significantly, thereby increasing its weight in the MSCI Index.
Regarding the direction of capital inflows, Mr. Koraphat noted that funds are likely to continue moving into the banking sector, as it is expected to benefit from the government’s upcoming fast-track projects aimed at stimulating investment. He also highlighted real asset plays and Asia infrastructure technology sectors, supported by the growing AI and data center trend.
For specific stock recommendations, Mr. Koraphat highlighted PTT PCL (SET: PTT), Thai Oil PCL (SET: TOP), and Bangchak Corporation PCL (SET: BCP) from the energy sector, citing that the sector has likely passed its cyclical bottom and is now supported by improving return on equity (ROE).
He also recommended True Corporation PCL (SET: TRUE) from the ICT sector, citing its upcoming earnings outlook. In addition, he named CP All PCL (SET: CPALL), Berli Jucker PCL (SET: BJC), Singer Thailand PCL (SET: SINGER), Srisawad Corporation PCL (SET: SAWAD), and JMT Network Services PCL (SET: JMT) from the retail and financial sectors, citing their potential to benefit from stimulus measures if the government successfully implements them.
