Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), during the “Kaohoon” program on May 13, 2026, stated that the Thai market has eased concerns after the MSCI Index did not reduce investment weighting. Although no new Thai stocks were added to the constituents, as previously expected by the market for two companies, this outcome is considered positive for the overall market direction.
In addition, concerns over the adjustment to the free float requirement for DELTA have not materialized, resulting in reduced pressure and renewed buying interest. The analyst expected that DELTA would continue to serve as a leading stock supporting a recovery of the Thai bourse.
As for the possibility of the SET index climbing back above 1,500 points in the short term, developments on the MSCI Index alone may not be sufficient. The key factor to monitor closely is the ceasefire negotiations between the United States and Iran.
The ongoing conflict situation has driven global oil prices higher. Although this development benefits stocks in the energy sector, it has a negative impact on the broader economy through increased transportation costs, product prices, and petrochemical prices, which could constrain Thailand’s economic growth from meeting expectations.
Regarding the meeting between U.S. President Donald Trump and Chinese President Xi Jinping in the next few days, Mr. Chaiyot assessed that it may not immediately affect market sentiment directly due to the lack of a clear agenda. However, the main issues would cover perspectives on the Middle East conflict and the trade war, with the U.S. increasingly putting pressure on and threatening tariffs against Europe.
In addition, Trump’s trip to China, accompanied by top executives of major technology companies, is rather contradictory to the U.S. policy of restricting technology exports to China, warranting further monitoring of the purpose of their joint visit.
For the first quarter earnings results of Thai listed companies, overall performance has been much better than analysts had previously estimated, particularly among commercial banks, both large and small, and leasing companies, which reported outstanding profits.
The petrochemical and refinery sectors also performed better than expected at almost all firms. With these positive trends, there may be opportunities to revise the market’s earnings outlook and forecasts for the remainder of this year upwards.
KSS selected PTT as its top pick at this time, as the company has not yet announced its financial statements. The analysis estimates that net profit for Q1 will be around THB 27 billion, an increase of 16% compared to the same period last year. This is supported by the strong performance of its subsidiaries, the petrochemical business, and rising oil prices. The target price for PTT is at THB 40.
