Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), during the “Kaohoon” program on August 26, 2026, stated that the Thai stock market is showing momentum for recovery. This revival is primarily driven by improved international factors, especially as signs of easing tensions in the Middle East have led to declining oil prices. Simultaneously, the U.S. bond yields have softened, reducing pressure on risky assets worldwide.
Additionally, the decline in bond yields has been supported by the U.S. Treasury’s plan to increase the buyback of government bonds, which has improved the overall investment climate in global equity markets and is expected to further boost positive sentiment in the Thai stock market. KSS estimated that the SET Index may continue to perform well and could remain around the 1,600-point level over the next two to three days.
Regarding today’s Monetary Policy Committee (MPC) meeting, KSS forecasts a decision to maintain the policy interest rate at 1%, as inflation has not accelerated. The economic outlook is also not likely to surprise the market if it stays within the 1.8% – 2.3% range. However, if the GDP forecast is raised closer to 2.5%, it would be considered a positive surprise and a boost to market sentiment.
The start of Thailand Focus 2026 today is another supportive factor, KSS noted. Historical data from the past four to five events show that the SET Index typically rises by 2% – 3% during the one to two weeks following the event’s conclusion. This year, the highlight lies in the presentation of the new S-Curve and Thailand’s transition to a digital economy. If this gains traction among foreign investors, it could spur a return of investment inflows into Thai equities.
Sectors expected to attract interest from this new investment theme, especially data centers, AI, and the new economy, include industrial estates, commercial banks, power plants, and utilities. Investments in data centers require not only land but also high volumes of electricity and water, as well as loans to support new investment cycles.
For industrial estate operators, KSS sees AMATA as the standout in the near term, while WHA also maintains strong fundamentals in line with the investment cycle. However, WHA may face short-term pressure from environmental reviews for new data center projects, as it has a larger customer base in the data center segment.
Top picks among commercial banks from KSS include KTB and KBANK, both of which stand to benefit from increased lending activity if the private investment cycle becomes more pronounced.
As for power plants, KSS maintains a positive view, especially ahead of the announcement of the new Power Development Plan (PDP 2026), which initially outlines approximately 20,000 megawatts of new capacity. While green energy is expected to play a larger role, gas-fired power plants remain crucial for grid stability. KSS therefore highlights companies with strong investment readiness, such as GULF and GPSC.
Although banking stocks have seen prices rise and valuations become stretched, KSS does not foresee significant capital rotation out of the sector, given solid momentum in the third and fourth quarters of 2026 and a resumption in lending growth.
If funds rotate to other sectors, domestic plays such as certain hospitals, power plants, and selected retailers are likely to attract attention, benefiting from new economic stimulus measures and a recovery in domestic tourism.
