Mr. Pobchai Phatrawit, Equity and Digital Asset Strategist at InnovestX Securities, a securities company in the SCBX group, during the “Kaohoon” program on March 2, 2026, expects today’s support and resistance levels for the Stock Exchange of Thailand (SET) Index to be 1,500 – 1,490 points and 1,510 points, respectively.
He expects the SET Index to decline today, pressured by tensions in the Middle East that have weighed on Asian markets and driven oil and gold prices higher. Mr. Pobchai noted that there are signs of risk-off sentiment as investors are starting to sell risky assets, but not a panic sell. He reiterated that some investors were speculating that the conflict will not escalate and may conclude soon.
Among the three scenarios, InnovestX is leaning toward a limited conflict zone and the tension will not escalate further at a probability of around 50%, though it will persist for some time. given a 50% chance that the conflict will not escalate. As a result, oil prices are likely to stay elevated. Mr. Pobchai cautioned that oil-related sectors—such as petrochemicals, aviation, and power generation—may face pressure, while flagging the hotel sector, as well as the hospital sector with a high proportion of patients from the Middle East.
Still, Mr. Pobchai recommended upstream energy stocks such as PTT PCL (SET: PTT), PTT Exploration and Production PCL (SET: PTTEP), and Bangchak Corporation PCL (SET: BCP) for the short term, as they stand to benefit from higher oil prices. He also highlighted defensive and domestic-oriented stocks that are less exposed to the conflict, recommending Advanced Info Service PCL (SET: ADVANC), True Corporation PCL (SET: TRUE), Bangkok Expressway and Metro PCL (SET: BEM), and Chularat Hospital PCL (SET: CHG).
