Mr. Narongdach Juntarapaisarn, Director of Investment Strategist at AIRA Securities, stated that the Stock Exchange of Thailand (SET) Index closed the morning session higher by 0.31%, or 4.40 points, at 1,434.81 points, buoyed by the possibility for the establishment of a highly stable government. However, the market experienced some profit-taking pressure after a significant rise.
This morning, Delta Electronics (Thailand) PCL (SET: DELTA) rose after the release of its 4Q25 earnings, which were slightly better than market expectations. Additionally, KBANK and GULF also advanced on the news that GULF increased its stake, supporting the index to maintain its gains.
Meanwhile, the Office of the National Economic and Social Development Council (NESDC) announced Thailand’s GDP figures this morning, which were viewed positively, though the impact remained limited. Although 4Q25 GDP grew more than expected, reflecting that previous market assessments had underestimated the Thai economy’s strength. Still, the overall growth for 2025 was still lower than the regional average.
The outlook for 1Q26 remains to be seen, as the tourism sector—particularly Chinese tourists—has recovered well, but it is unclear if the export sector will achieve quarter-on-quarter (QoQ) growth due to the emerging impact of U.S. trade tariffs.
In the afternoon, the market is expected to move sideways up, similarly to the morning session, but caution is advised regarding profit-taking pressure, as valuations have become tight. Coupled with the closure of regional stock markets for the Chinese New Year, volatility is expected. Additionally, the revelation of the U.S. CPI last Friday, which was slightly below expectations, suggests that inflation remains within the target range.
Nonetheless, risky assets continue to be pressured by concerns over an AI bubble and the onset of AI disruption, weighing on the technology sector. This has resulted in funds flowing from growth stocks to value stocks, benefiting Thai stocks, though valuations remain tight.
The analyst noted that foreign investors began increasing short futures positions last Friday, so the direction of foreign capital flows should be closely monitored. Political factors also warrant attention, such as possible unrest outside parliament and chances of a new election, which could trigger further profit-taking. Support and resistance levels are set at 1,430 and 1,444 points, respectively.
The top five securities by trading value in the morning session are as follows:
- Kasikornbank PCL (SET: KBANK): Trading value THB 2.83 billion, closed at THB 199.00 per share, up THB 3.50 or 1.79%.
- Gulf Development PCL (SET: GULF): Trading value THB 2.29 billion, closed at THB 60.00 per share, up THB 0.75 or 1.27%.
- True Corporation PCL (SET: TRUE): Trading value THB 1.73 billion, closed at THB 13.50 per share, up THB 0.10 or 0.75%.
- Krungthai Bank PCL (SET: KTB): Trading value THB 1.59 billion, closed at THB 30.75 per share, up THB 0.50 or 1.65%.
- Bangkok Bank PCL (SET: BBL): Trading value THB 1.24 billion, closed at THB 164.00 per share, up THB 0.50 or 0.31%.
