Mr. Thakrit Chatcherdsak, Assistant Director of Krungsri Capital Securities’ Research Department, stated in the “Kaohoon” program on September 17, 2026, that the latest Federal Reserve meeting outcome broadly aligned with market expectations following a 25-basis-point interest rate hike.
He noted that the Fed’s Dot Plot continues to signal the possibility of one additional rate increase toward the end of the year, avoiding fresh significant pressure on the market and opening room for a short-term rebound in the Thai stock market.
The market had already priced in the Fed’s rate hike trajectory since late last week, with two remaining meetings scheduled for October and December. KSS assesses that should the Fed raise rates once more, it is more likely to occur at the late-year meeting given the upcoming U.S. midterm elections in November, keeping the latest meeting outcome and key messages well within expected bounds.
Regarding investment strategy, KSS highlights three key stock sectors, led by electronics, which benefit from softening crude oil prices that have eased concerns over inflation and future rate paths. Meanwhile, a recovery in U.S. technology stocks—including AMD, Micron, and Intel—has bolstered market sentiment across Asia, particularly in South Korea and Japan.
Within the electronics space, KSS overweights DELTA following early-week selling, noting that hedging pressure from bondholders has largely passed its peak while earnings growth is projected to accelerate this year and next.
Additionally, KSS remains bullish on THAI due to declining crude oil prices—a primary cost driver for airlines—as crude fell from the $107 – $108 per barrel range toward $105 per barrel amid easing supply concerns, supported by Saudi Arabia expanding oil export channels via Oman and signals of resuming talks between the U.S. and Iran.
THAI is also positioned to benefit from the FTSE Index revision effective at the next closing price, alongside strong foreign institutional buying via NVDR, where the company ranked among the top net-bought stocks on the previous trading day, reflecting renewed investor allocation.
Meanwhile, KBANK gains support from recovering fee income and related business operations, leading KSS to select DELTA, THAI, and KBANK as top stock picks for the session.
Regarding recent foreign selling in ADVANC and TRUE, KSS attributes the trend to their high dividend yield profiles—which typically face portfolio reweighting during rising interest rate environments—rather than deteriorating fundamentals. The selling across several regional big-cap stocks ahead of the Fed meeting primarily reflected risk-off positioning by foreign investors.
Addressing concerns over potential AI investment slowdowns noted by hyperscaler executives, KSS views the impact as largely sentiment-driven rather than fundamental. Latest data continues to indicate robust demand, underscored by record South Korean ICT exports and double-digit year-on-year sales growth at Delta Electronics Taiwan, supporting the view that the AI upward cycle remains intact.
At the same time, ongoing U.S.-China tech competition continues to spur sustained investment in components and AI across both nations, keeping the likelihood of a significant U.S. investment deceleration low. Furthermore, reports that SK Hynix is discussing cooperation with Intel for U.S. chip production reflect accelerating capital deployment and ongoing demand, posing no negative threat to Thai electronics names.
For the refinery sector, KSS remarked that stock prices have largely priced in negative impacts from government ex-refinery price measures. While mid-term energy security themes remain supported by Middle East uncertainties and elevated energy prices, persistent crude volatility renders refineries better suited for trading on weakness rather than long-term holding.
