Thailand’s SET Index closed the morning session on Wednesday at 1,483.75 points, representing an increase of 0.25 points or 0.02%, with a trading value of THB 39.32 billion.
Mr. Kitphon Praipaisankij, Deputy Managing Director at UOB Kay Hian Securities (Thailand), stated that the Thai stock market traded within a narrow range, showing a moderate upward adjustment of more than four points, following Moody’s upgrading Thailand’s credit outlook from “negative” to “stable.”
However, the market later retreated, mirroring trends in the regional markets due to concerns over the prolonged Middle East conflict.
In the morning session, upward movements were observed across multiple sectors. This included the banking sector, which benefited from the Moody’s outlook upgrade, as it is expected to have a positive impact on financial costs. Other sectors that posted gains included the energy and construction materials groups.
According to Mr. Kitphon, the Thai stock market has not responded significantly to international events, as the impact of the Middle East conflict and the ongoing peace negotiations between the United States and Iran have already been largely priced in. The banking sector’s first quarter 2026 earnings have already been announced, and next week, the focus is expected to shift to the Real Sector as the companies begin to release their Q1 earnings reports.
The brokerage further commented that, for the first quarter of 2026, Thai listed companies are not expected to be heavily affected by the Middle East conflict, so analysts have not revised their forecasts downward. He expects the impact of the conflict to become clearer towards the end of the second quarter.
For banks, provisions have been set at elevated levels, but when considering the impact of the conflict on the broader Thai economy, GDP growth for the year is forecast at just 1.4-1.5%, revised down from an earlier estimate of 2%. Credit growth is expected to be affected, falling to 0.7-1.0% from the previously projected 2-2.5%, potentially posing pressure on the banking sector. Nevertheless, in the short term, the sector’s first-quarter results remain strong.
Since the onset of the Middle East conflict from March to mid-April, profit-taking actions have emerged over NVDRs among the banking and ICT sectors, while attention turns to net purchases in the energy and petrochemical sectors.
In the afternoon session, the Thai bourse is expected to continue trading in a similar range as in the morning. Major support for the index is projected at 1,480 points, while resistance is seen at 1,490 points.
The five securities with the highest trading values this morning were as follows:
- KBANK (XD): trading value of THB 5.71 billion, closing at THB 190.50, up THB 7.00 or 3.81%
- KTB: trading value of THB 3.53 billion, closing at THB 32.50, down THB 0.25 or 0.76%
- BBL (XD): trading value of THB 2.76 billion, closing at THB 163.00, down THB 4.50 or 2.69%
- SCC: trading value of THB 2.43 billion, closing at THB 232.00, up THB 4.00 or 1.75%
- PTT: trading value of THB 2.40 billion, closing at THB 34.75, up THB 0.50 or 1.46%
