Mr. Pobchai Phatrawit, Equity and Digital Asset Strategist at InnovestX Securities, stated on the ‘Kaohoon’ program on November 9, 2026, that the Thai stock market is anticipated to recover today in tandem with Asian equity markets. This comes after the benchmark faced heavy selling pressure late last week, particularly in technology and electronics component stocks, which were impacted by the sell-offs in U.S. tech shares.
He noted that the market has partially priced in key risk factors, including concerns over U.S. artificial intelligence industry regulatory measures and the Middle East situation, which has shown signs of easing, staging a short-term recovery for investment.
For today’s SET Index trading range, the analyst set a support level at the 1,465-point level, with a resistance level at 1,490 – 1,495 points. If the index can rise to reclaim and hold above 1,475 points—which was last Friday’s opening level—it would serve as a positive technical signal and increase the likelihood of the index rising to close the price gap at around 1,490 points.
However, from a technical perspective, the overall index remains in a downtrend due to continuous breaking to new lows and a downward price gap formed last Friday. Thus, a short-term advance cannot yet confirm a market reversal. Investors must monitor whether the index can establish a reversal pattern and climb back above the 1,500-point level, which would lend greater weight to the possibility of a sustained recovery.
Regarding concerns over Democratic Party policies toward the U.S. tech industry, Mr. Pobchai views that investors may have overreacted to regulatory risks. The U.S. still needs to maintain its technological competitiveness against China, particularly regarding investments in data centers and cloud systems. Although stricter regulatory measures may be implemented and cause some investment momentum to slow down, they are unlikely to halt the expansion of overall AI infrastructure.
Meanwhile, the Middle East situation has begun to show easing signals after President Donald Trump signaled a delay in further attacks on Iran amid progress in negotiations. This has led to diminished concerns over oil supply and inflationary pressures. Brent crude prices have declined below $100 per barrel, serving as another factor that could support market sentiment across risk assets.
On fundamental factors, Mr. Pobchai stated that Thai equity valuations have returned to attractive levels following the continuous market decline. The market’s price-to-earnings ratio has fallen to approximately 13x, down from the previous range of 16 – 16.5x. Meanwhile, the market’s average dividend yield stands at roughly 4.7 – 4.8%, and the earnings yield gap remains above 5%, reflecting that the Thai stock market is becoming attractive on a valuation basis.
Nevertheless, the key factor limiting a market recovery remains the earnings outlook of listed companies. Current 2026 earnings per share estimates for the market stand at approximately THB 112.8, down from THB 113.2 at the end of last month. This follows 3Q26 earnings announcements by approximately 100 – 110 listed companies, with aggregate net profit coming in nearly 4% below analysts’ consensus estimates.
The primary driver behind the lower-than-expected performance stems from the energy and petrochemical sectors, which were hit by crude oil price volatility and product spreads that contracted more than anticipated, prompting minor downward revisions to market earnings forecasts. However, earnings for companies in non-energy-related sectors still have the potential to meet or exceed expectations.
For investment strategy, InnovestX recommends stock picking based on companies with solid 3Q26 earnings growth outlooks year-on-year whose share prices have not yet advanced significantly, providing a higher Margin of Safety. Top picks include AOT, AP, BDMS, and ERW.
Additionally, investors are recommended to consider stocks offering dividend yields higher than the market average of 4.7 – 4.8% to generate cash flow during periods of market volatility. The brokerage highlights commercial banks and large-cap stocks with consistent dividend payout track records, including BBL, SCB, PTT, and HMPRO, which serve as suitable options for investors seeking to mitigate short-term market volatility risks.
