Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities, stated in “Kaohoon” program on June 12, 2026, that the Thai market may potentially extend gains, as the tension between the U.S. and Iran begin to subside, causing crude oil prices to drop below $90 per barrel, alleviating concerns over inflation, bond yields, and global economic direction.
Mr. Kantara remarked that previously, the market was worried that if the U.S. attacked Iran, oil prices might surge past $100 per barrel. However, oil prices have not reacted sharply and have gradually declined instead, reflecting that the market is giving more weight to the prospect of a resolution. If the conflict does not drag on past June, it will help reduce the risk of market participants having to revise their economic outlooks.
Despite the SET Index rising near 1,600 points, Mr. Kantara believed that the market is not overheated, as many stocks are still trading below their fundamental values. Big-cap stocks, excluding DELTA, still have room for upside based on strong fundamentals. While there may be some profit-taking at around the resistance level of 1,580-1,600 points, breakthrough is possible if supported by external factors and the FX.
In addition, the upward revision of Thailand’s GDP target from 1.5% to 2.1% is a key fundamental catalyst that could lead to a revision of the Thai stock index target as well, reflecting that the Thai economy and capital market still have potential to recover further.
The Thai baht, which previously depreciated close to THB 33 per dollar, has strengthened to around THB 32.65 – 32.70 per dollar, signaling a positive opportunity for foreign fund inflows, especially if war concerns subside and risk assets return to a “Risk-on” mode.
For the telecommunication sector, Mr. Kantara sees continued attractiveness, as NVDR purchases in ADVANC surpassed THB 300 million and TRUE exceeded THB 200 million, reflecting foreign investor interest. Notably, the sector benefited from the World Cup trend, which stimulates data usage, online content viewing, and overall communication services.
Regarding investment themes post 2Q26, Mr. Kantara identifies potential in the power plant and utilities sector (supported by the Data Center theme), tourism, retail, and transport sectors benefiting from declining oil prices, as well as finance, banking, and telecommunications. He believes Thai equities still have a chance to recover further as long as external pressures do not intensify again.
