Mr. Pobchai Phatrawit, Equity and Digital Asset Strategist at InnovestX Securities, a securities company in the SCBX group, stated in “Kaohoon” program on November 24, 2025, that the Stock Exchange of Thailand (SET) Index is likely to rebound as it reaches today’s support level of 1,255 – 1,250 points and driven by the possibility that Federal Reserve (Fed) will cut the interest rate. As for the resistance level, InnovestX forecasted the level of 1,270 – 1,275 points.
Last week, Mr. John Williams, President of the Federal Reserve Bank of New York, hinted that the Fed may cut the rates in December. Since Mr. Williams is a close associate of Federal Reserve Chairman Jerome Powell with the latter having no public statement scheduled before the December Fed’s meeting, investors estimate that Mr. Williams’ comments may reflect Mr. Powell’s views. This has increased the possibility of interest rate cut, benefiting the Thai stock market.
However, Mr. Pobchai warned that there are domestic negative factors that weigh on the SET Index, such as political factors. Investors are concerned that the Thai parliament may dissolve on December 12, which is earlier than the previous timeline at the end of January 2026. This could interrupt the stimulus measure the current administration has been introducing. Still, Mr. Pobchai noted that the interim government may continue this work even after the new government takes an oath.
Another negative factor is the MSCI rebalancing in Thai stocks. Mr. Pobchai noted that foreign investors have been selling Thai stocks because they shift their focus to new industries, such as artificial intelligence, which the Thai market is lacking. Still, Mr. Pobchai noted that the Thai stock market still has dividend stocks that attract investors, but only at a short and specific timeframe at the dividend announcing date.
For recommended stocks, Mr. Pobchai recommends three themes. First is those that are likely to have positive outlooks in the fourth quarter, such as Advanced Info Service PCL (SET: ADVANC), Bangkok Dusit Medical Services PCL (SET: BDMS), Gulf Development PCL (SET: GULF), and Bangkok Expressway and Metro PCL (SET: BEM).
Second are those that would see reduction in financial cost if the Fed cut the interest rate, like Central Plaza Hotel PCL (SET: CENTEL), True Corporation PCL (SET: TRUE), and Global Power Synergy PCL (SET: GPSC). Finally, Mr. Pobchai advises stocks that gain from the “Fast Pass” scheme, an initiative that aims at accelerating domestic investment, such as WHA Corporation PCL (SET: WHA) and Amata Corporation PCL (SET: AMATA).
