Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), stated in the “Kaohoon” program on April 9, 2026, that the global markets faced volatility after Israel violated the ceasefire agreement with Iran by attacking Lebanon. However, market participants view the issue as a short-term noise amid the ongoing de-escalation effort by both sides.
The analyst expects the Thai market to move sideways along with the regional markets’ trend, setting a resistance level for the SET Index at 1,495 – 1,506, and a support level at 1,480 – 1,470 for today’s session.
Domestically, the government is set to announce the policies on April 9 – 10, which was anticipated to focus on consumption, services, as well as investment in the mid-to-long term.
As such, Mr. Koraphat highlighted sectors with the domestic play theme including, industrial estate (AMATA), power plant (GULF), construction (STECON), and telecommunication sector (TRUE, ADVANC). The analyst also highlighted stocks with the short-term consumption theme such as CPALL, CPAXT, as well as the finance and the beverage sector.
For the banking sector, Mr. Koraphat recommends avoiding the sector in the near-term, as many equities are in the process of dividend payment or reaching the ex-dividend (XD) date. Additionally, investors are assessing the sector’s Q1 earnings, which are expected to establish provisions to reduce mid-to-long term risk from the Iran war.
Furthermore, the analyst also forecasts downside to Thai listed companies’ Q2 – Q3 earnings from high energy costs, although investors may focus on 2027 earnings outlook instead.
For strategy, Mr. Koraphat reiterated barbell strategy, balancing the portfolio between the following group:
Stocks that benefited from rising energy prices, as despite short-term selloff from war de-escalation, these sectors are set to post robust earnings in Q1 and Q2, or as far as Q3 and Q4 for the petrochemical sector.
Stocks that were affected by the war, but the valuation has already bottomed out and has a strong mid-to-long term growth potential.
Regarding the refinery sector, the analyst sees limited downside from policy risk, as demand for oil products remains strong.
