Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,195/1,200 (10-day EMA) points and the support at 1,180/1,173 points.</li><li>In the medium term, the index remains in a zig-zag downtrend, searching for the bottom within the 1,130-1,506 point range.</li><li>In the short term, a technical rebound signal has emerged after hitting a new low at 1,160.99 points yesterday (vs. the previous low of 1,173.13 points on March 4), marking the lowest level in four years and 11 months since April 3, 2020, at 1,130.54 points. </li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,195/1,200 (10-day EMA) points and the support at 1,180/1,173 points.In the medium term, the index remains in a zig-zag downtrend, searching for the bottom within the 1,130-1,506 point range.In the short term, a technical rebound signal has emerged after hitting a new low at 1,160.99 points yesterday (vs. the previous low of 1,173.13 points on March 4), marking the lowest level in four years and 11 months since April 3, 2020, at 1,130.54 points. 

<ul><li>Asian bourses showed a mixed performance, with Hong Kong’s market leading the decline due to China’s CPI contraction.</li><li>Meanwhile, the SET experienced a sharp plunge, hindered by a lack of positive catalysts and heavy selling pressure on blue-chip stocks.</li><li>Notably, stocks tied to China, such as SCC, IVL, and PTTGC, along with other heavyweights like DELTA, ADVANC, PTT, and CPALL, were hit hard.</li></ul>

Asian bourses showed a mixed performance, with Hong Kong’s market leading the decline due to China’s CPI contraction.Meanwhile, the SET experienced a sharp plunge, hindered by a lack of positive catalysts and heavy selling pressure on blue-chip stocks.Notably, stocks tied to China, such as SCC, IVL, and PTTGC, along with other heavyweights like DELTA, ADVANC, PTT, and CPALL, were hit hard.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,167/1,150 points and the resistance at 1,185/1,190 points.</li><li>In the medium term, the index remains in a downtrend, following a zig-zag down pattern in search of the bottom within the 1,130-1,506 point range.</li><li>In the short term, the trend has turned downward again, with a possibility of forming a new low below the previous low of 1,173.13 points recorded on March 4. </li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,167/1,150 points and the resistance at 1,185/1,190 points.In the medium term, the index remains in a downtrend, following a zig-zag down pattern in search of the bottom within the 1,130-1,506 point range.In the short term, the trend has turned downward again, with a possibility of forming a new low below the previous low of 1,173.13 points recorded on March 4. 

KTX Zoom: US JOLTS Jobs Report - MARCH 11, 2025

<ul><li>The US dollar continues to show a weakening trend (supporting a stronger baht), pressured by expectations for headline inflation in February 2025 (to be announced on March 12), which is projected to grow by 0.3% MoM and 2.9% YoY, slowing slightly from +0.5% MoM and +3.0% YoY in the previous month.</li><li>This is due to: Cost-push inflation has remained stable despite a 3.8% MoM decline in crude oil prices in February; however, natural gas prices (which account for 3.12% of headline inflation and 47.6% of the energy basket) (Figure 1) surged by 26% MoM to USD3.8/mmbtu.</li><li><p>Demand-pull inflation is exerting downward pressure, preventing inflation from accelerating significantly, as signs of domestic economic weakness emerge.</p></li></ul>

The US dollar continues to show a weakening trend (supporting a stronger baht), pressured by expectations for headline inflation in February 2025 (to be announced on March 12), which is projected to grow by 0.3% MoM and 2.9% YoY, slowing slightly from +0.5% MoM and +3.0% YoY in the previous month.This is due to: Cost-push inflation has remained stable despite a 3.8% MoM decline in crude oil prices in February; however, natural gas prices (which account for 3.12% of headline inflation and 47.6% of the energy basket) (Figure 1) surged by 26% MoM to USD3.8/mmbtu.Demand-pull inflation is exerting downward pressure, preventing inflation from accelerating significantly, as signs of domestic economic weakness emerge.

<ul><li>Technically, the SET Index is expected to move sideways, with the support levels at 1,192/1,186 points and the resistance at 1,209 (10-day EMA)/1,220 points.</li><li>In the medium term, the trend remains in a zig-zag down pattern, with the index searching for a bottom within the 1,130-1,506 point range.</li><li>In the short term, the index is in a rebound phase after hitting a new low at 1,173.13 points on March 4. </li></ul>

Technically, the SET Index is expected to move sideways, with the support levels at 1,192/1,186 points and the resistance at 1,209 (10-day EMA)/1,220 points.In the medium term, the trend remains in a zig-zag down pattern, with the index searching for a bottom within the 1,130-1,506 point range.In the short term, the index is in a rebound phase after hitting a new low at 1,173.13 points on March 4. 

Weekly Strategy & US Inflation Expectations - March 10, 2025

Thailand

Central Plaza Hotel Public Company Limited owns and manages hotels and quick service restaurants. The Company operates its hotels under the banner of Centara Hotels & Resorts and franchises western and Japanese quick service restaurants.

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Central Plaza Hotel (CENTEL TB)

KTX Zoom - US Inflation: March 12, 2025

Technically, the SET Index is expected to move sideways up, with the resistance at 1,195/1,200 (10-day EMA) points and the support at 1,180/1,173...

Krungthai XSpring

Technical Analysis - March 11, 2025

Asian bourses showed a mixed performance, with Hong Kong’s market leading the decline due to China’s CPI contraction. Meanwhile, the SET...

Krungthai XSpring

KTX Zoom: US JOLTS Jobs Report - MARCH 11, 2025

Technically, the SET Index is expected to weaken, with the support at 1,167/1,150 points and the resistance at 1,185/1,190 points.

Krungthai XSpring

Ktx Ahead - MARCH 10, 2025

Demand-pull inflation is exerting downward pressure, preventing inflation from accelerating significantly, as signs of domestic economic weakness...

Krungthai XSpring

Weekly Strategy & US Inflation Expectations - March 10, 2025

Technically, the SET Index is expected to move sideways, with the support levels at 1,192/1,186 points and the resistance at 1,209 (10-day EMA)...

Krungthai XSpring

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