Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities, stated in “Kaohoon” program on June 19, 2026, that the Thai market is not entirely weak, even though the SET Index has been moving sluggishly recently. He noted that the primary reason for this stems from pressure on big-cap stocks such as DELTA and the energy sector.
DELTA’s share price has declined from approximately THB 372 to around THB 346, while the SET Index has fallen from 1,609 points to around 1,585 points. This reflects that the main pressure on the index is from specific stocks rather than a broad market downturn.
Regarding DELTA, Mr. Kantara believed that the company has been affected by certain raw material shortages, which may lead to slower production and potentially softer 2Q26 results. However, he views this as a short-term effect since order flows remain, with a chance of recovery in the third and fourth quarters of 2026.
Other sectors have rotated into a supportive role for the market, including retail, tourism, transportation, hospitals, utilities, finance, and commercial banking. SET Index remains in an uptrend, as such investors can use short-term market dips as opportunities to accumulate fundamentally strong equities.
As for the new SET50 Index constituents, he believes that many of their current prices have already factored in market expectations, especially those widely discussed before the official announcement. He does not recommend chasing prices post-announcement. Instead, investors should look for other large-cap or fundamentally sound stocks that are likely to benefit more from fund flows.
For stock recommendations, Finansia remains positive on companies benefitting from easing Middle East tensions, such as those in retail, tourism, transportation, utilities, finance, and banking sectors, notably GULF, KTB, and BDMS.
Regarding hospital stocks such as BDMS and PR9, there is a potential recovery from the de-escalation in the Middle East, which could accelerate international patients’ return, as previous impacts are viewed as only short-term pressures.
Even though the finance sector has declined due to concerns over bond yields and interest rate trends, Finansia continues to find them attractive for the medium to long term, particularly MTC, which maintains strong fundamentals.
For commercial banks, opportunities remain, particularly with KTB, whose share price has recently hit a new high but is still considered attractive based on fundamentals. S&P’s reaffirmation of Thailand’s BBB+ credit rating is also a positive factor, reinforcing national stability and lowering funding costs—creating a positive sentiment for banking stocks.
Nevertheless, Mr. Kantara recommends investors wait for price pullbacks to key support levels before gradually accumulating, utilizing both fundamental and technical analysis in making investment decisions.
