Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities (FSS), stated in the “Kaohoon” program on September 25, 2026, that the roadshow in the United States, meetings with foreign institutional investors, and cooperation between the Stock Exchange of Thailand (SET) and the New York Stock Exchange (NYSE) serve as positive factors for the broader market, bringing foreign investors’ attention back to Thailand and potentially marking the return of foreign fund inflows into Thai equities.
Historically, foreign fund outflows from the Thai bourse have been high. Therefore, direct presentations by government agencies, the SET, and the capital market sector regarding the potential of Thai capital markets to foreign institutional investors will help put Thailand back on the radar of major global funds.
Mr. Kantara noted that current investment models are globally interconnected, with many large funds referencing global indices across both developed and emerging markets. Consequently, if foreign investors recognize the potential of Thai listed companies and increase their weighting in Thai equities, it will support both fund flows and index levels going forward.
Meanwhile, the signing of a memorandum of understanding between the SET and the NYSE regarding dual listing is considered another major development, as it will boost liquidity, raise standards, and enhance the appeal of the Thai capital market to overseas investors.
For short-term investment strategy, Mr. Kantara stated that the Thai market faced continued pressure from external catalysts, particularly the U.S. Treasury yields—which rose to 5.25% and warranting close attention from investors—as well as elevated oil prices. These factors may potentially raise inflationary concerns and affect U.S. monetary policy.
Regarding oil prices, Mr. Kantara reiterated that market participants should closely watch Brent crude at the $102 threshold, as a breakthrough may lead to additional gains and pressure inflation. Nevertheless, he noted that if oil prices dipped to around $91-93 a barrel, it would also ease the concerns.
Therefore, the current strategy should focus on short-term investing, avoiding chasing prices on up days while selectively buying fundamental-backed stocks during market pullbacks.
For the energy sector, short-term pullbacks in oil prices present opportunities to gradually accumulate PTT and PTTEP, as both continue to benefit from energy prices remaining at elevated levels.
The commercial banking sector remains another area where FSS maintains a positive outlook, particularly amidst high bond yield environments. BBL was highlighted as an attractive pick, with the brokerage setting a target price at THB 240.
For short-term speculative trading, the analyst recommends investors monitor DELTA, which may benefit from index weighting adjustments. DELTA currently carries a weighting of roughly 7 – 8%, with the market watching for an adjustment back toward the 10% weight cap, potentially supporting the Thai benchmark next week.
Regarding earnings trends for the third quarter of 2026, Mr. Kantara expects commercial banks to maintain positive earnings momentum, while the export sector remains attractive—specifically highlighting TU and ITC.
Additionally, the healthcare sector has potential to recover from the second quarter due to seasonal factors as seasonal patient cases rise. FSS continues to track stocks in this group, including PR9—a top pick for September—and BDMS.
Mr. Kantara assessed that the Thai equity market in the near term remains better suited for short-term trading rather than chasing prices, as overseas factors shift rapidly—particularly the Middle East conflict, oil prices, and U.S. bond yield directions.
For the index range, FSS sets a key resistance level for the SET Index at around 1,612 – 1,620 points. Convincingly breaking above this range will require new positive catalysts, especially an easing of international conflicts, which would alleviate pressure on oil prices, inflation, and bond yields, clearing the path for a recovery in risk assets.
