Mr. Suwat Wattanapornprom, Director of the Research Division, Investment Strategy, at Krungsri Securities (KSS), stated in the “Kaohoon” program on April 22, 2026, that the Thai market may potentially move sideways-up as the Middle East war is on a de-escalating trajectory. However, he noted that as both sides are looking to gain the upper hand on the negotiation, oil prices have bounced back to $100 per barrel in the short-term, which bolstered the energy sector.
Domestically, SCC has temporarily halted the operation of the Long Son plant due to feedstock shortages, but he remarked that other petrochemical firms in Thailand still have robust feedstock compared to its Asian peers. Furthermore, a recent interview with the Deputy Prime Minister Ekniti Nitithanprapas has provided clarity on the kingdom’s economic policy, which focuses on investment that may potentially bolster stocks with the investment theme.
Mr. Suwat added that while Thailand’s refinery and petrochemical’s feedstock remain resilient, the protracted Middle East war has raised the year-to-date average oil prices to above $90 per barrel, which is near the $95 threshold that not only threaten the economic growth, but also listed companies’ profit as well.
Mr. Suwat has also reiterated his recommendation for stocks with investment theme which include the following sector:
- Banking: Investors have largely priced in the previous rate cuts, while the ongoing energy price surge has hampered any potential cut in the future. Furthermore, market participants have moved to speculate on the sector’s performances, as the banks’ 1Q26 earnings are largely driven by non-interest income, while the global banking sector was bolstered by the war. Lastly, the government’s investment push may also potentially raise loan growth.
- Electricity: Ekniti’s policies are mostly geared toward supporting solar and renewable energy, as such Mr. Suwat expected support catalyst from potential power development plans (PDP) and direct power purchase agreement (Direct PPA).
- Industrial Estate: The analyst anticipates the government investment initiative to drive industrial land value and purchase.
