Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), during the “Kaohoon” program on January 22, 2026, expects today’s resistance level for the Stock Exchange of Thailand (SET) Index to be 1,325 – 1,335 points, with the index likely to continue trending upward. He attributed the positive outlook to the election rally, strong capital inflows, and MSCI’s possible revision of Indonesia’s free float calculation criteria, which has supported sentiment across Asian markets, including Thailand.
Mr. Koraphat stated that the SET Index is unlikely to see significant movement without changes in major sectors such as refining, petrochemicals, and power plants. However, the refinery sector has recently turned positive after the U.S. announced shutdowns of some refineries due to cold weather from the Arctic. The disruption has reduced U.S. refining capacity and generated positive sentiment toward Asian refinery stocks.
Based on this outlook, Mr. Koraphat recommended PTT Global Chemical PCL (SET: PTTGC) and Indorama Ventures PCL (SET: IVL) from the petrochemical refinery sector. He also favored Central Plaza Hotel PCL (SET: CENTEL) from the tourism sector, citing strong growth in Chinese tourist volume, as well as Advanced Info Service PCL (SET: ADVANC) and Gulf Development PCL (SET: GULF), supported by robust expansion in the InfraTech sector.
KSS also estimated support and resistance levels for its top picks. For IVL, support and resistance are projected at THB 19.50 and THB 20.50–21.00 per share, respectively. Thai Oil PCL (SET: TOP) was also selected, with support and resistance estimated at THB 41.50 and THB 43.00–45.00 per share, alongside a target price of THB 49. In addition, i-Tail Corporation PCL (SET: ITC) has support at THB 16.80 and resistance at THB 17.20–17.50 per share, with a target price of THB 20.
Regarding the possibility of having partners join in investment within PTT PCL (SET: PTT)’s group, Mr. Koraphat views that, although the cooperation framework is not yet clear, if it materializes, it would strengthen the group strategically rather than in terms of funding. This is because PTT already has a strong financial status and liquidity. Such collaboration might take the form of advanced technology exchange, resource and production capacity sharing, which would help enhance the group’s efficiency and long-term profitability.
