Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), said in the “Kaohoon” program on September 3, 2026, that the Thai stock market has an opportunity to recover after the index corrected over the past two days. The key support level is around the 75-day moving average at approximately 1,578 points. Although the index dipped slightly below this level on the previous day, it is likely only a short-term breach of support before bouncing back if supporting factors come in.
The primary positive catalyst comes from the 10-year U.S. Treasury yield, which previously surged to around 4.8%, raising concerns that it might rise to 5%. However, recently there have been technical signs of a consolidation. Meanwhile, the August ADP private sector payrolls came in lower than expected, reflecting a slowing labor market and potentially acting as a leading indicator for the U.S. non-farm payrolls to be announced at the end of the week.
In this regard, if the non-farm payrolls do not come in strong or are revised downwards, it may help reduce market concerns regarding interest rate trends. KSS believes that if inflation does not accelerate, there is a chance the Federal Reserve will keep interest rates steady at the meeting on September 16, with the market learning of the outcome on the morning of September 17, Bangkok time.
For the short-term direction of the SET Index, KSS expects that the market may begin to regain its positioning first before investors evaluate U.S. economic data. If the index rebounds and stands above 1,600 points, it will be a positive sign that significantly boosts confidence. KSS also views that market corrections remain opportunities to gradually accumulate stocks.
On the medium- to long-term outlook, KSS remains positive on the AI infrastructure investment cycle, which is driving a new round of investment. This is led by accelerated investments from hyperscalers in computing systems, data centers, and related infrastructure to support the widespread adoption of AI. KSS views that if this trend leads to structural changes, it will become a massive wave of investment supporting the market in the long run.
Regarding the news surrounding data centers in Bangkok, KSS assesses that the impact on the overall investment picture is limited. The government needs to separate the issue of regulating non-compliant data centers from its investment attraction policies, as data centers are crucial infrastructure for linking modern industries into the country. If Thailand cannot fully attract such investment capital, it may lose the opportunity to participate in this new technology cycle.
At the same time, Thailand should establish resource management mechanisms for both electricity and infrastructure to ensure the household sector is not affected, while also increasing the proportion of local content and linking investment to domestic industries. The AI trend has already started to yield positive results for related industries, such as storage and disk drives, which are seeing increased demand and helping support Thai exports.
Furthermore, KSS believes the commercial banking sector is one of the first industries with the potential to benefit from utilizing AI to improve efficiency, as there remains significant room to reduce costs and upgrade operations.
For short-term investment strategies, KSS selects DELTA, HANA, and PTT as its daily top picks. Additionally, power plants, energy, and stocks linked to the technology investment cycle are highlighted as sectors to watch.
