Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), stated in the “Kaohoon” program on July 9, 2026, that the Thai market remains under short-term pressure from rising oil prices, inflation, and higher U.S. bond yields, following renewed Middle East tensions which are once again weighing on the market.
The analyst emphasized the need to monitor crude oil prices, which have increased to the $78 – 80 per barrel range. The key price level is estimated at $80 – 85 per barrel, which may represent a short-term peak unless the situation in the Strait of Hormuz escalates to a complete closure. Meanwhile, 10-year US bond yields at 4.5 – 4.6% may also be near its peak.
KSS estimated that the Thai bourse may potentially move sideways within range, with a key support level at 1,560 points and a resistance level at 1,600 points. A pivotal catalyst is the Constitutional Court’s ruling on the THB 400 Billion Emergency Loan Decree. The resolution was later announced after the comment by the analyst, which was ruled in favor by majority votes.
Regarding investment strategy, the market continues to seek value-themed stocks and those tied to the new investment cycle. Sectors likely to help support the market include banking, industrial estates, power plants, construction, and ICT. Meanwhile, sectors previously under pressure such as hospitals, retail, tourism, and finance may see some buying return if pressures from oil and bond yields start to ease.
Mr. Koraphat added that data center and AI economy themes remain the megatrends for the medium to long term, as the energy transition budget under the loan decree will help accelerate investments in electricity and clean energy infrastructure, thereby supporting the data center industry’s growth.
At the same time, KSS maintains a positive view on electronics stocks. The research team has begun analysis on KCE and HANA, setting target prices at THB 50.50 for KCE and THB 51.70 for HANA. The banking sector also presents opportunities for upward revaluation, especially given new revenue structures—most notably, the private wealth and private banking segments that support long-term growth.
