Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), stated in the “Kaohoon” program on July 30, 2026, that the recent Federal Reserve meeting—resulting in a decision to keep interest rates unchanged—did not surprise the market. The 9 – 3 voting split, however, reflected concerns among certain committee members about inflation and a willingness to support future rate hikes.
Immediately following the announcement, financial markets did not react negatively. U.S. bond yields declined slightly, while the U.S. dollar remained stable or depreciated, especially as the Fed indicated that the economy remains strong and that tighter financial conditions reduce the need for rapid policy adjustments.
Nevertheless, the Fed’s continued concern over inflation, which remains above the 2% target, and its refusal to rule out further rate hikes led to sharp volatility and declines in U.S. stock markets—particularly among technology stocks, whose high valuations and growth expectations left them exposed.
Mr. Koraphat noted that the U.S. stock market may be entering a correction phase, highlighted by the Nasdaq breaking below the crucial 25,000-point mark for the first time since mid-April. The S&P 500 found support around 7,200 points. He recommends investors to closely monitor the ongoing effects of the war on inflation, as well as early signs of weakening in the U.S. labor market, especially among lower-income segments.
Regarding the Thai stock market, the SET index is expected to maintain support levels at 1,607 and 1,600 points, despite initial pressure from selling in DELTA shares—a major market drag. Unlike overseas markets, Thai stocks have a lower weight in technology stocks.
Excluding DELTA, the Thai stock market trades at a price-to-earnings (P/E) ratio of around 13x, positioning it as a value market and possibly attracting consistent foreign inflows, especially when compared to Indonesia and the Philippines, where banks’ profits are softening.
Energy stocks may benefit from high oil prices, which should boost the earnings of energy, refinery, and petrochemical companies. Meanwhile, Thai banks remain attractive due to their solid financial health and stronger performance compared to regional peers.
The power plant, telecommunications, industrial estate, and retail sectors continue to receive support from steady domestic investment trends. The tourism, hotel, and aviation sectors may see speculative interest spurred by a weaker baht versus the yuan and a rebound in Chinese tourist arrivals.
On the recent TSD Investor Portal data breach, Mr. Koraphat stated this incident could undermine confidence and raise concerns about data protection among investors. Nevertheless, the focus should be on thorough investigation, preventing misuse, and upgrading security systems to avoid recurrence.
While the data breach should not have occurred, prompt and determined action by relevant agencies could help strengthen Thailand’s capital market infrastructure and accelerate development.
For standout stocks of the day, KSS recommends KBANK from the robust banking sector, while GULF benefiting from the energy security theme, and PTT supported by high energy prices.
