Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities, stated in “Kaohoon” program on May 8, 2026, that the Thai market may potentially recover further.
If the SET Index can remain above the key psychological support level of 1,500 points, there could be a rebound reaching as high as the next resistance levels of 1,510, 1,520, and 1,545 points, respectively. However, if the SET Index falls below 1,500 points, it may be necessary to reassess the risk of a correction, with the next support level at 1,480 points.
For external factors, market participants continue to closely monitor the ongoing conflict between the United States and Iran. While investors previously hoped that both sides might reach a peace agreement, there are clashes in some areas, raising concerns in the global financial markets and causing oil prices to bounce back.
Mr. Kantara views that negotiations between global powers must end with both sides making concessions to achieve a balanced agreement, ensuring neither side gains nor loses excessively. If an agreement is reached, it would be a positive factor for investment sentiment in global financial markets, including the Thai bourse.
In terms of industry groups, if the war continues to prolong, the energy and oil sectors will benefit from rising oil prices, while those potentially negatively affected include the transport, power plant, and finance groups. However, if the situation eases, previously pressured sectors may recover immediately.
Additionally, even if oil prices soften should the situation stabilize, the energy sector may not suffer significant negative impact as oil prices had been high previously, and many countries had drawn down their oil reserves. Should the war end, countries may return to buying oil to replenish reserves, helping to support oil prices and benefiting Thai energy stocks.
At the same time, the Thai market is bolstered by better-than-expected 1Q26 financial results from many big cap companies, especially in the telecommunications group such as ADVANC and TRUE, as well as other large caps like GULF, all demonstrating outstanding performance.
Mr. Kantara points out that when results are better than expected, analysts may gradually revise their earnings forecasts and target prices upward, which will support share prices in the future. The investment strategy for stocks that rally after earnings calls is that investors should consider their acceptable risk levels; for those entering on a follow buy basis, a clear stop-loss should be in place, while risk-averse investors may wait for a price dip to slowly accumulate.
For telecommunications and large-cap stocks announcing quarterly dividend payments, this is a significant positive for institutional and foreign investors as it enhances cash flow interest and delivers consistent dividend returns.
Regarding the overall Thai economy, Mr. Kantara believes that government economic stimulus measures, including borrowing plans to drive GDP growth back to 2%, will be a crucial boost for domestic consumption and investment.
Furthermore, applications for investment promotion from the Board of Investment (BOI) are improving, particularly investments in Data Centers, EV, and new technologies. Thailand’s strengths in power system stability and adaptability to new technologies are attracting more foreign investment.
If all positive factors—large-cap earnings, economic stimulus measures, and BOI-driven investment—progress simultaneously, the SET Index could continue to rise, with the psychological milestone at 1,600 points achievable, especially if major index components such as DELTA, GULF, TRUE, AOT, and banking groups move up together.
