Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), stated in “Kaohoon” program on November 20, 2025, that the Stock Exchange of Thailand (SET) Index is likely to recover, driven by advances in the technology sector. He estimated that today’s support and resistance levels will be 1,266 points and 1,288 – 1,295 points.
Currently, investors are waiting for the release of the U.S. non-farm payroll data for September, as it will help them forecast the direction of interest rate. Mr. Koraphat noted that the majority of policymakers are leaning toward maintaining the current rate. Moreover, since the labor market data for November will be released after the Federal Reserve (fed) meeting in December, the policymakers are unlikely to see the overall performance.
Nonetheless, Mr. Koraphat estimated that the Fed will cut the rate since the current labor market has shown signs of weak growth, and the high-yield market spreads have widened beyond 280 basis points. If these spreads continue to rise, it would signal growing concerns about tightening liquidity, thereby increasing the likelihood of an interest-rate cut in December. This will help the Thai market to rebound.
For domestic factors, Mr. Koraphat pointed out the movement of political parties as many are preparing for the election. He noted that in the past, Thai stock expanded by about 12 – 15% before the election. However, in the previous election, the index remained almost flat due to an unclear outcome as the voting would need a specific vote from the senate. The overall sentiment could turn negative if this upcoming election the winning party fails to dominate the vote or does not focus on stimulus.
Nonetheless, Mr. Koraphat anticipated a market rally as S&P Global Rating is favouring Thailand’s political direction. If the government maintains stability, the agency may consider upgrading the country’s credit rating.
For recommended stocks, Mr. Koraphat highlighted Gulf Development PCL (SET: GULF), noting that its performance is expected to continue growing, supported by newly operating COD power plants with a combined capacity of more than 300 MW and rising electricity demand from AI development. KSS estimated short-term support and resistance levels at THB 41 and THB 42.5 – 44 per share, respectively, with a target price of THB 59 for next year.
The securities company also recommended Advanced Info Service PCL (SET: ADVANC), projecting support at THB 310 and resistance at THB 320 per share. Additionally, Mr. Koraphat expressed a positive outlook for the tourism sector as Chinese tourists are likely to shift their destination from Japan to Thailand. KSS advised Central Plaza Hotel PCL (SET: CENTEL), estimating support at THB 33 and resistance at THB 35 per share.
