Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), during the “Kaohoon” program on June 24, 2026, stated that the Thai market’s sharp plunge of more than 30 points yesterday was mainly due to selling pressures in the electronics sector and AI-related stocks, following a significant decline in global tech-linked stock markets. The pressure was more pronounced in DELTA, which carries substantial index weighting.
KSS believes that the recent correction has already largely priced in short-term negative factors. While some follow-up selling may persist, the key support level of around 1,530 points is expected to hold.
Regarding MSCI’s decision to extend the review of Indonesia’s market status until November, Mr. Chaiyot stated that this is not considered a “disappointment” for the Thai market, as Indonesia is still being monitored for market reform and free float conditions, which remains an overhang for fund flows into Indonesia for the next 5 – 6 months.
Therefore, should foreign funds flow into emerging markets in the region, both the Thai and Philippine stock markets could stand to benefit in part. If Indonesia is ultimately underweighted, some of the capital could shift into Thai equities, offsetting selling pressures related to U.S. policy rate.
However, KSS emphasizes that fund flow trends are not dictated solely by the Federal Reserve. Economic growth opportunities and new domestic investment projects—particularly data centers, AI-related industries, the Thailand Fast Pass policy, and public sector projects—will be crucial. If these materialize, they will help attract foreign investment back into the country.
As for the weakening baht, Mr. Chaiyot noted that this is a short-term risk factor, as it could accelerate profit taking or risk reduction by foreign investors. However, KSS has not forecast that the Fed will hike rates aggressively, as some investors have feared, since key costs such as oil prices are starting to ease, which could help alleviate inflation pressures.
For investment strategies, KSS recommends selective investment by focusing on stocks with strong 2Q26 profit prospects and positive specific factors. Notably, GULF has a target price of THB 74, supported by sustained quarterly profit growth and waning concerns from previous big-lot transactions.
Another standout is BH, with a target price of THB 210. The hospital is poised to benefit from easing Middle Eastern tensions, which should lift international patient volumes, especially from the Middle East, after the Ramadan period—supporting 2Q26 revenue and profit.
