Mr. Gun Hathaisattha, Economist and Head of Investment Strategy (Retail) at CGS International Securities (Thailand) (CGSI), stated on the ‘Kaohoon’ program on May 29, 2026, that the Thai stock market is likely to receive positive sentiment from the situation between the United States and Iran. This follows progress in extending the ceasefire for another 60 days and the reopening of the Hormuz Strait, both key positive developments since the most recent escalation of tensions.
He assessed that the U.S., Japanese, South Korean, and Thai stock markets have an opportunity to extend gains. The SET Index could potentially rise to approach 1,580 points, and if DELTA stock does not face selling pressure from the market surveillance measures, it could push the index closer to the 1,600-point level.
However, investors should remain cautious on potential volatility from international political factors, especially President Donald Trump’s stance, which can impact financial markets at any time. The analyst has observed that the U.S. stock market and U.S. bond yield are two critical factors that President Trump monitors as they affect public confidence, financial costs, consumption, and business borrowing. If bond yields rise too much, they may dampen purchasing power and the overall economic condition.
Regarding the MSCI weighting rebalance, effective today, CGSI preliminarily assessed that stocks likely to receive capital inflows include DELTA, PTT, TRUE, KBANK, KTB, and SCB. Meanwhile, stocks that might face selling pressure include power and upstream energy sectors such as GULF and PTTEP.
For KBANK, which has attracted foreign investor buying in recent days, the analyst considered it as a large bank equity that usually receives attention from foreign funds when fund flows enter the Thai bourse. Additionally, the market is beginning to assess that the interest rate trend may not decline, with a chance of a rate hike in 4Q26, which is a positive factor for the group.
In terms of sector selection strategy, CGSI views that the standout sectors are banking and hospitals. The banking sector is supported by the non-declining interest rate trend, ongoing wealth management and insurance business income, cost control measures, and attractive dividend yields.
The hospital group, such as BDMS, is another interesting alternative as it carries lower risk compared to many other sectors in the current economic environment.
Meanwhile, the analyst cautions against investments in finance, retail, real estate, and restaurant sectors due to continued pressure from high household debt, weak purchasing power, and intense competition, all of which may limit the recovery of operating results in the coming quarters.
For speculative options, DELTA is seen as more suitable for trading rather than long-term holding, given that its price has already increased significantly. Meanwhile, CCET may be an alternative for investors seeking speculative opportunities in electronic parts stocks and could be more attractive than DELTA at certain points.
Mr. Gun recommends that investors use this opportunity—where the index is still in the high 1,500 range—to gradually accumulate stocks with strong fundamentals. Once the SET Index rises to 1,600 points, stock selection will become more challenging. The technical outlook for the Thai stock market remains positive, so investors should clearly differentiate strategies between stocks suitable for short-term speculation and those for medium- to long-term holding.
