Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities, stated in the “Kaohoon” program on July 17, 2026, that the continuous inflow of foreign capital into the Thai stock market reflects growing confidence among foreign investors in Thailand’s economic system.
Currently, the global market is witnessing a sector rotation out of technology and semiconductor stocks, prompting investors to seek out new markets. The Thai stock market, with its abundance of value stocks and signs of economic recovery, has emerged as an appealing destination for this influx of capital.
While buying pressure in the energy sector is not as significant as the shift in foreign investors accumulating bank stocks, the analyst noted, the banking sector plays a primary role in the economy—through lending, deposit management, economic stimulation, and effective management of non-performing loans (NPLs).
Additionally, the revenue outlook for banks’ wealth management businesses is improving, while recent NPL management has been effective. If the economy recovers and credit demand returns, this will support the future performance of the banking sector.
As for the valuation trend of the Thai banking sector, Mr. Kantara believes there is still upside potential, following better-than-expected financial results. Several banking stocks have moved above their 200-day averages—a phenomenon not seen in years. However, since some stocks have already been priced in, investors should carefully select their investment timing.
Looking ahead, foreign capital might flow from the energy and banking sectors into utilities, consumer, hospital, and telecom stocks, especially those in the SET50 and SET100 indices, which offer sufficient liquidity for foreign investors.
On investment strategy, Mr. Kantara indicated that the SET index still has potential to continue its climb, though not in a linear fashion. He recommends investors consider both fundamental and technical factors to find buying opportunities during price weakness.
FSS’ top picks for the month are BA, BBL, ERW, PR9, and TIDLOR, covering tourism recovery, banking, healthcare, and the benefits of declining bond yields. Notably, PR9 remains attractive with valuations lower than other large hospital stocks.
