Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities, stated in the “Kaohoon” program on January 30, 2026, that the Stock Exchange of Thailand (SET) Index is moving lower following its sharp surge in recent days, resulting the index to enter the overbought territory. He expected the Thai stocks to resume its upward trend afterward.
Mr. Kantara added that undervalued large-caps are likely to attract strong fund inflows, which could help drive the SET Index higher. He highlighted Muangthai Capital PCL (SET: MTC) and Gulf Development PCL (SET: GULF) as key picks, setting a target price of THB 59 per share for both stocks.
Regarding market catalyzes, Mr. Kantara pointed to the tension between the U.S. and Iran, which has been fueling oil and gold prices. However, the market is likely aware of this risk and possibly absorbing most of the negative sentiments already. If the situation escalates further, the SET Index may tick down temporarily. There is also positive sentiment from expectations that the U.S. Federal Reserve could cut interest rates two to three times this year.
As for domestic catalysts, Mr. Kantara pointed to the election, estimating that no political party is likely to secure a landslide victory. However, he forecast that if the leading party can form a stable government coalition within a short period, the SET Index could surge toward a target level of 1,380 points. Such a development may also attract institutional investors back into the Thai stock market.
