Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities (FSS), stated in the “Kaohoon” program on September 18, 2026, that the Thai stock market has the potential to continue its upward trajectory following yesterday’s rebound of over 20 points and its breakthrough above the key resistance level of 1,572 points. This breakthrough has mitigated negative market sentiment and opened the door for the index to test the 1,600 or early 1,600s threshold.
A key factor easing market concern is clearer guidance on the direction of U.S. interest rates following the conclusion of the recent policy meeting, allowing investors to assess trends and adjust strategies more clearly. Meanwhile, the frequency of future rate hikes may prove less aggressive than previously feared by the market.
Additionally, close attention must be paid to Brent crude prices after falling toward $103 per barrel. A rebound after testing $102 could signal remaining price support, according to the brokerage. However, if prices breach the $100 threshold and drop into the $98 – $99 range, it would further alleviate pressure on inflation and bond yields while improving sentiment toward risk assets.
On the domestic front, government economic stimulus measures remain positive drivers for the market, particularly initiatives targeting tourism and consumer spending that support year-end economic activity. Political developments require ongoing monitoring, though from a market standpoint, government stability is paramount, and FSS currently sees no significant changes.
Regarding short-term investment strategy, the SET Index is projected to trade within a range of 1,570 to 1,600 points. Selective stock picking remains viable below the 1,600-point mark, provided investors weigh both fundamental and technical factors as investment themes shift alongside oil prices, interest rates, and sector-specific developments.
Amid declining oil prices and easing inflationary pressures, sectors positioned to benefit include power plants, tourism, and banking. Top stock picks highlighted by FSS include HANA, ITC, PR9, STA, and DELTA, with the analyst assigning DELTA a 2027 target price of THB 290.
Regarding DELTA, although the stock faced recent pressure from raw material constraints, FSS noted that the issue stems from supply shortages and elevated input costs affecting production and delivery rather than declining customer demand. Consequently, an easing of these supply chain bottlenecks presents an opportunity for earnings recovery.
For power utilities, Mr. Kantara considers the sector attractive, noting that although the market has partially priced in positive factors such as PDP 2026, Direct PPA, and data center developments, speculative opportunities remain tied to regulatory progress and new project rollouts. Citing GULF as an example, FSS assigns a fundamental target price of THB 76 compared to its current trading level near THB 61, reflecting upside potential from fundamental valuation.
In the banking sector, FSS views KBANK and BBL as attractive on price pullbacks, while selecting ERW as its top pick in tourism. Upstream energy equities, such as PTTEP, may regain interest if crude oil prices rebound from support at $102 per barrel.
Mr. Kantara concluded that the overall outlook for the Thai stock market remains positive, recommending a “buy on dip” strategy given ongoing international uncertainties—particularly geopolitical conflicts that could trigger periodic market volatility. Investors are recommended to focus on stocks backed by solid fundamentals while incorporating technical timing into investment decisions.
