Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), during the “Kaohoon” program on April 22, 2026, stated that the Moody’s upgraded outlook on Thailand from “Negative” to “Stable” is likely to increase fund inflows and bolster Thai equities.
Notably, the banking, financial, and ICT sectors, as well as stocks with government megaproject themes (construction, industrial estate), are among the prominent beneficiaries following the development.
The analyst noted that the brief decline in the SET Index’s movement stemmed from DELTA’s cash balance restriction, which raised concerns over potential removal from the SET50 and SET100 indices.
Excluding DELTA, Mr. Chaiyot expects the Thai market to remain resilient, as the banking sector posted robust 1Q26 performances, with prices sharply rebounding after the ex-dividend (XD) date as investors priced in the earnings previews.
Regarding the Middle East situation, Mr. Chaiyot reiterated his previous comments that the war is currently in the negotiation phase, although uncertainties remain as both sides are not completely honoring the agreement. However, he remarked that the war had already passed the peak of escalation.
Furthermore, if the blockade of the Strait of Hormuz is prolonged, the ensuing raw material shortages and rising living costs may potentially slow Thailand’s economic growth.
