Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), during the “Kaohoon” program on July 8, 2026, stated that the Thai market may potentially consolidate due to overseas downward pressures, particularly the selling pressures in the technology and electronics sector—in line with the global markets’ trend.
However, the energy-heavy Thai stock market is supported by rising crude oil prices following renewed tensions in the Middle East, stemming from attacks on ships near the Strait of Hormuz and retaliatory actions between the United States and Iran. This catalyst is expected to strengthen the energy and petrochemical sector, which account for around 25% of the SET Index, and help cushion any fall.
KSS assesses that today’s SET Index movement remains largely in consolidation, rather than a sharp decline, setting a support level at 1,590-1,600 points. Should the index remain above 1,600 points, it will be considered a positive sign, both from an investment sentiment and technical perspective.
Mr. Chaiyot explained that the SET Index staying above 1,600 points indicates that capital has not yet exited the market but is shifting between sectors. Previously, significant investments flowed into electronics stocks such as DELTA, HANA, and KCE. If there is further rotation from these stocks into sectors like banking, energy, or value stocks, it will reflect sector rotation—a supporting factor for the Thai bourse.
Meanwhile, Mr. Chaiyot also addressed concerns about the transparency of shareholder data in the Thai market—a topic now under close scrutiny by investors, following the abnormality in recent days about the reporting process and the actual shareholder. In some cases, such reporting was delayed by three to five years, a rare anomaly in the Thai market. Typically, delayed disclosures occur over short periods and incur daily fines under the established rules.
This issue has prompted investors to question both the origins of significant shareholdings and the transparency of the shareholder reporting system. Two main scenarios are being considered:
First, if the shares genuinely exist, they may have been transferred between individuals or consolidated from multiple foreign custodian accounts into one name, requiring retrospective review to determine if management influence or other hidden factors are involved.
Second, if there is no actual holding and the appearance of high shareholding figures stems from system errors or data abnormalities, this would be a significant blow to confidence in shareholder data verification and may necessitate enhanced supervision.
At this stage, Mr. Chaiyot believes the impact is still limited to the affected stocks rather than spreading market-wide, though investors remain concerned about transparency—especially the question of why some individuals held stakes requiring disclosure, but did not report in a timely manner.
The key issue now is awaiting a clear explanation from the Stock Exchange of Thailand and related authorities. If a concrete and verifiable clarification is provided, investor concerns can be alleviated. However, delayed or unclear responses could exacerbate transparency worries and negatively affect the sentiment toward related stocks going forward.
