Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), said in the “Kaohoon” program on November 12, 2026, that the Thai stock market could gradually recover as overseas risks ease and investment in AI infrastructure and data centers creates opportunities across multiple industries.
Although the SET Index had regained the 1,500-point level, turnover remained subdued following investors’ reduction of risk after the benchmark fell below its 200-day moving average.
Single Stock Futures open interest declined from a peak of approximately 2.36 million contracts to around 1.85 – 1.86 million, reflecting reduced positioning and speculation that also weakened equity-market liquidity.
Mr. Koraphat said a sustained move above the 200-day moving average, near 1,515 points, could revive speculative activity. He set a resistance level at 1,515 points, and a support level at 1,490 – 1,494 for the session.
The analyst said the Democrats’ victory in both chambers of the U.S. Congress could constrain President Donald Trump’s policymaking, requiring greater negotiation and potentially reducing abrupt policy shifts.
He also suggested that tighter U.S. data center regulation covering cybersecurity, resource consumption and environmental impacts could encourage operators to diversify investment overseas, particularly emerging markets such as Thailand.
For Thailand, clearer data center investment rules could help translate projects promoted by the Board of Investment into actual foreign direct investment. Potential beneficiaries extend beyond technology to power producers, banks, industrial estates, energy companies and contractors.
In the electronic components sector, Mr. Koraphat highlighted HANA, whose third-quarter 2026 profit significantly exceeded market and analyst expectations. Better cost management lifted gross margins, while its Lamphun printed circuit board assembly business accelerated and integrated circuit operations remained strong. Nevertheless, a return to previous share-price peaks could take time.
For the utility sector, he highlighted GPSC and BGRIM as stocks to monitor as data centers increase electricity demand, with BGRIM seeing share price recovery after announcing solid performance. Banks could benefit early from stronger financing needs once private investment materializes, while clearer policy could support industrial estates following disappointing earnings. GUNKUL, contractors and investment-project consultants could also benefit.
Mr. Koraphat expects Thailand’s market structure to strengthen in 2027 as lower energy costs support margins across several industries. Retailers’ cost controls and closures of underperforming stores could improve underlying results, although restructuring charges may weigh on near-term net profit.
However, a sharp oil-price decline could undermine aggregate market earnings. He warned that an average below $80 a barrel in 2027, compared with approximately $90 – 91 in 2026, could significantly pressure energy-sector profits, potentially outweighing improvements elsewhere.
If the annual average decline remains within roughly $10 a barrel, market earnings could still grow, supported by recovering refining and petrochemical businesses and lower costs for hotels and transport operators.
PTTEP and BANPU could face earnings constraints if energy prices continue falling. Diversified PTT may face short-term oil volatility but could benefit from rising LNG demand linked to data center expansion over the next two to three years, while GULF could also gain from higher energy consumption.
Additionally, investors should monitor U.S. monetary policy, as monthly headline and core inflation readings near 0.2% could increase the likelihood of the Federal Reserve signaling that its rate-hiking cycle is approaching an end, said Mr. Koraphat.
His fourth-quarter strategy favors selectively accumulating companies with strong earnings as opportunities arise, rather than depending on valuation expansion alone.
