Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities, stated in the “Kaohoon” program on August 28, 2026, that the Thai stock market is still facing selling pressure from foreign investors in the short term, especially the net selling of approximately THB 5.4 billion yesterday, which is one of the key factors pressuring the index.
Recently, the market has tended to open at high levels before facing intraday selling pressure, particularly on big-cap stocks such as DELTA, CPF, and ADVANC, reflecting that profit-taking is still anticipated above 1,600 points.
Regarding foreign investors selling banking stocks, despite several banks announcing dividend payments, he believed that this is partly due to investors locking in capital gains rather than holding stocks for dividends, as share prices have already risen to a certain level in anticipation of dividend expectations. The official announcement then triggered profit-taking in a “sell on fact” manner.
Nevertheless, whether investors will return to the banking sector during the ex-dividend (XD) period depends on the overall market conditions at that time. If the market remains in an upward trend, post-XD date price recovery is possible. However, if the market is weak, stock prices may fall more than the dividend value.
Regarding the Thailand Focus 2026 forum, Mr. Kantara believed that this year Thailand was able to present the economic and capital market drivers more clearly, especially the technology, electronics, telecommunications, and AI-related infrastructure sector, in which the country is involved in the supply chain and benefits through the export sector, reflected in the strong export growth figures.
At the same time, several aspects of the Thai economy have performed better than expected, while the government still has fiscal policy tools to further stimulate. Combined with monetary policy that remains favorable due to relatively low interest rates, and the continued growth of listed companies’ earnings, Thai assets have become more attractive to investors.
Furthermore, measures to support the capital market, including promoting long-term investment, increasing investment products, and measures to attract fund inflows, will increase demand, the number of players, and the attractiveness of the Thai benchmark. This is seen as another important driving force that will help the market continue to move forward in the medium to long term.
As for investment strategy, after the SET Index fell below 1,600 points, Mr. Kantara believes it can be used as an opportunity to gradually accumulate stocks. The initial support level is seen at 1,595 points, while the overall target for the index remains at 1,710 points.
However, in the short term, the market lacks new positive factors after already factoring in the earnings results of listed companies and the impact of Thailand Focus. Therefore, new catalysts are needed, such as the direction of the economy and exports in the third quarter, movements in bond yields, inflation, and statements from the Federal Reserve Chairman at the Jackson Hole meeting. If these statements signal easing and help lower bond yields, it will be a positive factor for risky assets and support the Thai equity market.
In terms of strategy, FSS recommends a selective buy approach, prioritizing stocks with attractive valuations, domestic plays, and those with strong fundamentals. Selected stocks include BA, BBL, CPALL, CPF, CPN, ERW, GULF, ITC, PR9, SAPPE, STA, and TIDLOR, as well as the rubber sector, which continues to receive support from high demand.
