Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), stated in “Kaohoon” program on March 11, 2026, that the SET Index is expected to extend gain along with the regional trends, as major Asian markets rose around 2-3% while ASEAN markets climbed at roughly 1%.
Despite the lack of new supporting factors, the overall sentiment in the Thai market remains positive, as U.S. President Donald Trump remarked that the war in Iran is nearing the conclusion after a series of major attacks, he added.
Mr. Chaiyot further elaborated that the earlier gains in the Thai market mostly stem from foreign fund inflows, but following the conflicts, nearly THB 20 billion of capital has retreated from the market. As such, he believed that the rebound will come from market sentiment rather than fund flow, as investors have shifted toward safe-haven assets (US dollar, gold).
The analyst maintained a positive outlook for the Thai market, as he believed that it had already bottomed out last year. For this year, the analyst expects the stability of the government and potential foreign fund inflows, particularly if Indonesian equities experience a reduction in their investment weighting, to be the key drivers for the Thai market in the medium to long term. In the short term, however, fund inflows may shrink from lingering uncertainty over the Middle East conflicts.
Mr. Chaiyot recommended a selective strategy for the near term, while also highlighting defensive stocks, including:
- Advanced Info Service PCL (SET: ADVANC), due to the company’s robust performance in the past 2-3 years, and an attractive dividend yield of 4%. The “Buy” recommendation was given with a fair value of THB 390.
- Gulf Development PCL (SET: GULF), as the company’s new S-Curve, including the virtual bank and data center projects, will be the key driver for the company’s performance in the future. The “Accumulate” recommendation was given with a fair value of THB 70.
Mr. Chaiyot also forecasted that the retail sector may continue to underperform in the first and second quarters of 2026, as the Middle East conflict raised concerns over oil prices and inflation, while the Thai economy is likely to remain weak ahead of the implementation of economic stimulus measures.
On politics, the analyst saw the current coalition of around 300 seats as the stabilizing factor, sufficient to steadfastly implement policies.
In a scenario where oil prices surge beyond $100 per barrel, Mr. Chaiyot projects a negative outlook on the grassroots economy, due to rising costs in the logistics, construction, and transportation sectors, as well as living costs. Thus, there is a strong hope in the market for a quick end to the ongoing conflict.
