Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), stated in the “Kaohoon” program on April 2, 2026, that market participants expected Trump’s speech this morning to outline a timeline for de-escalation and peace talks.
However, as Trump’s statement suggested another 2 – 3 weeks of escalated attack, the analyst views the move as a managed de-escalation, as Iran warfighting capability has been severely diminished in the past month, a sign of the end of the conflict. Furthermore, Trump’s remark also suggests that the U.S. will strike Iran’s electricity infrastructure, raising crude prices as volatility in the sector persists.
As such, Mr. Koraphat expects the stocks that have rebounded on the prospect of the end of the war to consolidate.
The analyst added that Thailand is one of the seven nations allowed to pass through the Strait of Hormuz, which include China, Russia, India, Iran, Pakistan, Malaysia, and Thailand. This was reflected by robust fund inflows into both Thai and Malaysia markets in opposition to the regional trends.
Mr. Koraphat recommended the “Barbell Portfolio” strategy, forecasting the stocks that benefited from feedstock shortages to “Outperform,” for at least one quarter, while sectors such as petrochemical were estimated to top the market in a longer term. He also recommends adding or holding stocks that were pressured by the war, but have high earning quality and are within the long-term mega-themes that support future growth, to balance the portfolio.
Mr. Koraphat anticipates the Thai market to decline, setting a support level for the SET Index at 1,460 – 1,450 points, and a resistance level at 1,484 points. He highlights the energy-related stocks for short-term “Trading” strategy, while recommending power plant, tourism, ICT, and industrial estate sectors for mid-to-long-term defensive play.
