Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities (FSS), stated via the ‘Kaohoon’ program on November 13, 2026, that Thai stock market remain in a sideways pattern in the near term amid Middle East tensions, oil-price uncertainty and movements in U.S. Treasury yields. He added that Thai listed companies’ earnings were broadly in line with expectations and were not a major risk to the market for the remainder of the year.
Following the SET Index’s November 12 close at 1,499.06 points, the analyst has set a key support level at around 1,493. Holding that level could allow the benchmark to rebound above 1,500. He attributed part of the recent decline to selling prompted by geopolitical concerns and energy-price uncertainty.
Mr. Kantara maintained a medium-to-long-term Thai benchmark target of 1,700 points, and viewed pullbacks below 1,500 as opportunities to gradually accumulate fundamentally strong stocks. An easing of Middle East tensions could relieve market pressure and support a stronger recovery.
The analyst highlighted renewed concerns over a prolonged Middle East conflict after the U.S. President Donald Trump signaled there was no longer a need to reach an agreement with Iran, pushing global crude prices higher.
Brent crude around $95 per barrel, without rising to $100, would be unlikely to cause significant concern, he said. However, a break above $102—a key historical upper and lower threshold—could revive worries about inflation and the global economy.
Investors should also monitor October’s U.S. Producer Price Index, which the market consensus expects to rise 0.4% month-on-month. A stronger reading could heighten concerns over a Federal Reserve interest-rate hike in December and push Treasury yields higher, weighing on global equities, including Thailand.
Meanwhile, technology sentiment showed signs of recovery after investors digested news of leadership changes at Nvidia. Nasdaq futures rose approximately 0.5%, while Taiwanese and South Korean markets moved higher.
Mr. Kantara expects year-end inflows into tax-deductible funds, particularly Thailand ESG Funds, to provide support. He estimated that typical inflows of THB 20 – 30 billion could lift the SET Index by roughly 40 – 50 points, depending on investment volumes and market conditions.
The tourism high season offers another potential catalyst. Continued growth in foreign arrivals would support economic expansion and earnings across tourism, hotels and related businesses.
Among individual stocks, Mr. Kantara highlighted CENTEL following strong profit growth and profitability in the first nine months of 2026. Its fourth-quarter outlook also benefits from the tourism high season. He assigned a target price of THB 54, with a buying zone at THB 42.50 – 43 and selling level at THB 46 – 47.50.
He also viewed GULF below THB 60 as an attractive entry point, noting that analysts’ target-price estimates exceeded the current share price, with the lowest surveyed target around THB 70.
FSS’s November research picks also include BDMS, BTG, CPN and ITC.
