Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), stated in the “Kaohoon” program on May 28, 2026, that the Thai market may potentially move sideways-up slightly, setting a resistance level at 1,581-1,590 points, and a supporting level at 1,553 and 1,560 points.
The key supporting catalyst remains the easing of tensions in the Middle East. Although signals from the United States and Iran are not yet fully consistent, Iran’s recent disclosure of a plan to restore normal shipping through the Strait of Hormuz within one month is a psychologically neutral to positive factor for the market. Meanwhile, crude oil prices continue to exhibit volatility and an overall downward trend.
Mr. Koraphat further added that the Thai stock market has recently been boosted by technology-related stocks, especially those in the AI infrastructure and data center theme. This is not limited to software or semiconductors, but extends to physical infrastructure such as liquid cooling systems, power supply systems, electrical networks, energy, and relevant utilities.
The development of AI technology has significantly increased energy demand, as new generation processing chips consume several times more power than their predecessors. This has led to an acceleration in investment in data centers and related infrastructure, particularly from hyperscalers, making stocks in the AI Infrastructure theme increasingly attractive.
Mr. Koraphat believed that Asia is entering a new investment cycle, or new CAPEX cycle, which has not been this strong since 2003-2004. Investment over the next five years may increase several times compared to the past three years.
Thailand has four major strengths: competitive electricity costs, land prices lower than Singapore and competitive with Malaysia, a strong internet backbone, and opportunities from the diversification of AI infrastructure away from some countries in North Asia.
However, Mr. Koraphat recommends investors closely monitor DELTA, as it is a large-cap stock that can influence the market’s direction. If DELTA is not subject to the market surveillance measure during this period, the risk of weighting downgrade or removal from SET50 index in the next round will diminish, supporting the momentum of the Thai bourse.
Regarding the MSCI index review, Mr. Koraphat views that some stocks that have been downgraded may have already priced in and could become attractive again once short-term pressure eases, especially those still in the main index and within the global investment radar, as global funds remain interested in the AI infrastructure theme.
Stocks that may benefit from this theme in the medium to long term include power plant group and those related to energy, utilities, and data center infrastructure. Should the prices dip due to short-term MSCI factors, it could present an opportunity for investors with risk appetite to gradually accumulate the stocks.
Additionally, declining oil prices are a positive factor for the tourism and airline sectors due to decreasing energy costs. Stocks to monitor include THAI, CENTEL, and BA, as these stocks benefited from lower costs and a recovery in the tourism sector.
Krungsri maintains its SET Index target for June at 1,600 points and estimates the resistance level for 2Q26 at around 1,627 points, with the market likely to rise gradually if foreign factors do not exert significant pressure.
