Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities, stated during the “Kaohoon” program on November 3, 2026, that the Thai stock market trend continues to face pressure from declining investor confidence. This is reflected in the movement of the SET Index over the past week, which has consistently weakened while domestic trading volume has slowed down.
The sell-off was mainly concentrated in major sectors, including commercial banking, energy, and technology, resulting in an overall market that still lacks clear supporting factors for a recovery.
The cautious sentiment is mirrored across broader Asian markets during the morning session. Significant declines were recorded across the region, with the South Korean market dropping 176 points, Taiwan losing 518 points, China down 21 points, Singapore slipping 30 points, the Philippines falling 4 points, and Indonesia declining 37 points.
Investors across global markets remain cautious while awaiting the outcome of the U.S. midterm elections, which is expected to shape future economic policy directions. Mr. Suchet assessed that if the Republican Party loses its majority in Congress to the Democratic Party, it could positively influence overall investment sentiment, though exact policy impacts will require further evaluation post-election.
For the Thai stock market, the analyst anticipates consolidation this week as traders wait for policy clarity. He set the 1,500-level as a critical support line; a break below this threshold could risk further weakness toward the 1,450 area.
Geopolitical developments in the Middle East represent another vital driver. Signs of efforts to ease tensions between the U.S. and Iran are under close observation. A concrete settlement and sustained end to the conflict would alleviate geopolitical risk, bolstering investor confidence and driving a potential year-end global market recovery led by European equities.
Regarding energy prices, Brent crude trading between $100 and $110 per barrel is considered manageable. However, an escalation pushing prices above $110 could pressure economic costs and corporate earnings in subsequent periods.
Given the current backdrop, Mr. Suchet advises a cautious, short-term speculative strategy focused on selective stocks with defined technical levels:
Starting with ITC, whose stock price has continuously weakened, the analyst assessed that existing shareholders can hold and wait for the price to test the upper threshold near THB 17.80. Investors without positions may consider buying on dips around THB 16.50 – 16.70, with the key price floor at THB 16.50. The stock remains suitable for short-term speculation.
Next, HMPRO performance remains stable without outstanding growth. The analyst set a baseline at around THB 6 – 6.15 and a price ceiling at THB 6.90 – 7, which forms a price range investors can use to guide short-term entry timing.
Meanwhile, CK saw its stock price weaken in line with the broader market. The technical cushion is estimated at THB 16.40, while the cap is anticipated at around THB 17.00 – 17.50.
NCAP benefits from a declining interest rate trend, which could positively impact investment sentiment in the financial sector. The entry zone is evaluated at THB 3.20, while the selling level is forecasted at THB 3.50.
Furthermore, tourism stocks represent another sector likely to draw interest from investors anticipating a market recovery, particularly AOT. The price level around THB 57 is viewed as an attractive entry point, while overhead resistance is projected at THB 65.
