Mr. Pobchai Phatrawit, Equity and Digital Asset Strategist at InnovestX Securities, a securities company in the SCBX group, stated in the “Kaohoon” program on February 23, 2026, that the Stock Exchange of Thailand (SET) Index is likely to move volatilely due to the uncertainty of the U.S. tariff policy.
On Friday, the U.S. Supreme Court ruled that President Donald Trump’s expansive international tariffs were illegal. Although the decision could overturn the tariff policies imposed over the past year, the president still has other legal mechanisms available to implement tariffs. Currently, he has invoked Section 122 to impose a 15% tariff on all U.S. trading partners. It remains uncertain whether Trump will raise the rate further.
Nevertheless, this development is positive for several countries, including Thailand, as their previous tariff rates exceeded 15%. Mr. Pobchai noted the current rate will benefit export-oriented stocks in the short term. In addition, Thailand has other positive factors supporting the SET Index, such as the release of companies’ outlooks and the election results.
Regarding the finalization of the new government coalition, it is expected to secure a parliamentary majority and bring greater stability to Thailand’s political landscape, even if the Klatham Party sides with the opposition. For now, the current concerns involve issues related to the election ballots and delays in confirming the official results. These uncertainties have weighed on foreign investors’ sentiment toward Thailand.
As for investment strategy, Mr. Pobchai estimated that investors will begin taking profits once the SET Index rises to around 1,520 points. He therefore recommended adopting a short-term trading approach and waiting for the market to complete its correction phase, which could potentially bring the index down to the 1,475–1,460 point range.
