Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities, stated in the “Kaohoon” program on July 10, 2026, that the Thai market may potentially extend gains, as foreign funds are clearly flowing back into the market. Recently, net purchases have exceeded THB 8 billion per day, with the SET Index maintaining a strong position above the 1,600-point level.
Mr. Kantara explained that the current index level is not considered overbought—comparable to a football match with the ball still at midfield. Key support stems from fund flows and liquidity, which continue to drive stock prices, even though some companies may not possess outstanding fundamentals.
He further noted that the current round of foreign inflows is not excessively high when compared to the past two to three years, during which foreigners cumulatively sold hundreds of billions of baht worth of Thai stocks. Moreover, the buying is widespread across various sectors, not just concentrated in electronics, but also covering banks, commerce, and other big-cap stocks. This indicates a broad-based investment approach rather than merely speculative buying in a handful of stocks.
For investment strategy, Mr. Kantara recommends investors follow the fund flow direction, focusing on big-caps within the SET50 and SET100 indices that possess high liquidity and strong fundamentals, rather than positioning in small-cap stocks which may require a longer holding period to realize returns.
Among big-caps with remaining upside are GULF, with a target price set at THB 66, as well as SCC and WHA, all still supported by solid fundamentals.
Regarding the recent net foreign buy of PTT through NVDR, amounting to over THB 1.4 billion, the analyst believes this is partly due to expectations for the positive earnings results of the energy sector in 2Q26, combined with foreign liquidity driving large-cap stocks.
Mr. Kantara concluded that Thai investors are beginning to reduce their position in overseas assets and redirect funds back to the domestic stock market, as the index has underperformed for the past two to three years, making Thai equities more attractive. Investors now have the option to choose from technology stocks, value stocks, and large caps that they understand and are familiar with.
