Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities, stated during the “Kaohoon” program on November 10, 2026, that the Thai stock market is beginning to show positive signals and may have already passed its downtrend, supported by a strong recovery in overseas markets and a continued decline in global crude oil prices.
He assessed that the SET Index has room to rise further, with a resistance level at 1,485 points. If the index breaks above that level, it could test the next threshold at 1,500 points. Market momentum is improving as buying interest has begun to broaden into several sectors, beyond large-cap stocks that previously led the index.
A key supporting factor is the recovery in global equities, especially the U.S. market, where the Dow Jones Industrial Average rose by more than 1,104 points, or around 2%, in the previous session. European markets, including Germany, Italy and the U.K., also moved higher, reflecting a return of investor confidence in risk assets.
Asian markets also traded strongly this morning, including Japan, Taiwan, South Korea, Indonesia and Vietnam, providing further support for the Thai market to move in line with regional trends.
Mr. Suchet said lower global crude oil prices are another major positive factor. Brent crude has fallen from above $110 per barrel to around $90 per barrel, a decline of approximately $20 per barrel, which could help reduce energy costs and ease pressure on the broader economy.
Meanwhile, tensions in the Middle East are showing signs of easing following negotiation efforts among involved parties. Although no clear agreement has been reached, the improved atmosphere has helped boost confidence in global capital markets. However, investors should continue to monitor developments closely due to remaining uncertainty.
For investment strategy, Mr. Suchet noted that funds are rotating into more sectors, particularly food, tourism, hotels, airlines, airports, commerce and hospitals, which are expected to benefit from economic recovery and improving purchasing power. In contrast, energy and petrochemical stocks may face pressure from declining oil prices, requiring greater investment caution.
Tourism-related stocks are expected to gain support from the high travel season, which should boost economic activity and earnings for airlines, airports and hotels. Food and commerce stocks are also likely to attract more interest as investors shift away from oil-sensitive plays.
Hospital stocks are also showing recovery signs, with notable names including BDMS, BH and PR9, along with other hospital stocks whose share prices have started to improve.
ASL recommends monitoring five stocks in the short term:
1) XO: The stock remains in a positive trend after holding up well during broader market weakness. The analyst set a technical cushion at THB18.50, and an upper hurdle at around THB20.20 – 20.50.
2) NER: The stock is supported by the outlook for rising rubber prices, driven by expanding demand. A buying zone is estimated at THB 4.50, with a selling level at THB 4.85.
3) TIDLOR: Loan and auto-related stocks may gain more attention from developments in the automotive industry and changes to the vehicle tax structure next year, which could stimulate car trading activity before the tax adjustment. The price floor is set at THB 16.40, with the initial price ceiling at THB 18. If surpassed, the stock may test the THB 20 barrier.
4) AOT: The stock is supported by the tourism season, which is expected to increase passenger numbers and related business activity. The share price has remained around THB 60. Mr. Suchet gives a base price at THB 58.75, with a short-term cap at THB 62 and the next selling zone at THB 65. If it breaks above that level, the stock could test THB70.
5) TU: The stock is expected to benefit from investor rotation into food stocks following lower oil prices and improved market sentiment, along with a positive view on the company’s performance. The analyst gives a safety net for the stock at THB 12.50, with an overhead resistance at THB 14.
Mr. Suchet added that the short-term outlook for the Thai stock market has become brighter, especially as buying interest spreads across food, commerce, tourism and hospital stocks. These sectors may help support the index in place of energy and petrochemical stocks, which are being pressured by weaker oil prices. Electronics component stocks also have room to recover in line with overseas technology markets.
