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>Asian bourses continued to rise as global oil prices weakened. The SET traded in positive territory throughout the day and touched 1,428.06 before retreating in the afternoon on profit taking, pressured by a rebound in oil prices and concerns over the prolonged Middle East conflict. Meanwhile, foreign investors were net sellers for the fifth consecutive day.</li><li>The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop, pressured by fund outflows.</li><li>Meanwhile, the MACD has weakened and moved close to the zero line, raising caution over a potential dead cross signal. However, as long as the index remains above the 1,400–1,384 point support zone, we believe it is still trading in the upper Fibonacci channel, with potential to rebound further as domestic buying begins to play a larger role in supporting the index.</li></ul>

Asian bourses continued to rise as global oil prices weakened. The SET traded in positive territory throughout the day and touched 1,428.06 before retreating in the afternoon on profit taking, pressured by a rebound in oil prices and concerns over the prolonged Middle East conflict. Meanwhile, foreign investors were net sellers for the fifth consecutive day.The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop, pressured by fund outflows.Meanwhile, the MACD has weakened and moved close to the zero line, raising caution over a potential dead cross signal. However, as long as the index remains above the 1,400–1,384 point support zone, we believe it is still trading in the upper Fibonacci channel, with potential to rebound further as domestic buying begins to play a larger role in supporting the index.

Krungthai XSpring Technical Eng. March 12, 2026

<ul><li>The conflict between the US–Israel and Iran shows signs of prolonging, pushing global oil prices above USD100/bbl and raising inflation concerns, which have become a key factor weighing on Asian bourses.</li><li>Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.</li><li>As a result, the index may continue to decline, but key support levels should help cushion the downside given the sharp drop already seen.</li></ul>

The conflict between the US–Israel and Iran shows signs of prolonging, pushing global oil prices above USD100/bbl and raising inflation concerns, which have become a key factor weighing on Asian bourses.Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.As a result, the index may continue to decline, but key support levels should help cushion the downside given the sharp drop already seen.

Krungthai XSpring Technical Eng. March 10, 2026

<ul><li>The war between the US–Israel and Iran weighed on global equity markets. At the same time, the index had previously surged sharply and entered overbought territory, triggering profit-taking and risk-reduction selling.</li><li>The index initially attempted to hold above the 1,500-point level but eventually dropped sharply toward the 1,450–1,448 support zone.</li><li>The index remains at risk of further pullbacks, but the probability of a rebound increases near the support level. We therefore recommend buying at support.</li></ul>

The war between the US–Israel and Iran weighed on global equity markets. At the same time, the index had previously surged sharply and entered overbought territory, triggering profit-taking and risk-reduction selling.The index initially attempted to hold above the 1,500-point level but eventually dropped sharply toward the 1,450–1,448 support zone.The index remains at risk of further pullbacks, but the probability of a rebound increases near the support level. We therefore recommend buying at support.

Krungthai XSpring Technical Eng. March 4, 2026

<ul><li>The Monetary Policy Committee (MPC) surprised the market with a 4:2 vote to cut the policy rate to 1.00%, earlier than expected, marking the lowest level in three years and four months.</li><li>Share prices declined following the rate cut, which came earlier than the market had expected.</li><li>Banking stocks (SETBANK) declined by 0.8% yesterday (led by BAY -2.8%, KBANK -2.24%, and KKP -1.62%) in response to the MPC’s decision to cut interest rates earlier than the market had expected.</li></ul>

The Monetary Policy Committee (MPC) surprised the market with a 4:2 vote to cut the policy rate to 1.00%, earlier than expected, marking the lowest level in three years and four months.Share prices declined following the rate cut, which came earlier than the market had expected.Banking stocks (SETBANK) declined by 0.8% yesterday (led by BAY -2.8%, KBANK -2.24%, and KKP -1.62%) in response to the MPC’s decision to cut interest rates earlier than the market had expected.

Banking: Banking Stocks Declined, Reflecting the MPC’s Earlier-Than-Expected Rate Cut.

<ul><li>The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.</li><li>The index posted a new high on strong trading volume. As long as it continues to make higher highs, the uptrend should remain intact.</li><li>We therefore maintain a “buy on dips, sell on rallies” strategy, as heightened volatility is likely given the overbought RSI condition.</li></ul>

The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.The index posted a new high on strong trading volume. As long as it continues to make higher highs, the uptrend should remain intact.We therefore maintain a “buy on dips, sell on rallies” strategy, as heightened volatility is likely given the overbought RSI condition.

Krungthai XSpring Technical Eng. February 26, 2026

Thailand

TMBThanachart Bank Public Company Limited (ttb) is a financial institution in Thailand offering a comprehensive range of banking and financial products and services. The bank serves retail, small and medium-sized enterprises (SMEs), and corporate customers, emphasizing customer-centricity and digital innovation. TMBThanachart Bank is headquartered in Bangkok, Thailand, and was founded in 1957.

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TMBThanachart Bank (TTB TB)

Krungthai XSpring Technical Eng. March 12, 2026

The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop,...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 10, 2026

Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.

Krungthai XSpring

Krungthai XSpring Technical Eng. March 4, 2026

The index remains at risk of further pullbacks, but the probability of a rebound increases near the support level. We therefore recommend buying at...

Krungthai XSpring

Banking: Banking Stocks Declined, Reflecting the MPC’s Earlier-Than-Expected Rate Cut.

The Monetary Policy Committee (MPC) surprised the market with a 4:2 vote to cut the policy rate to 1.00%, earlier than expected, marking the lowest...

Krungthai XSpring

Krungthai XSpring Technical Eng. February 26, 2026

The SET rebounded in line with other Asian bourses amid easing pressure on tech stocks, supported by strong gains in DELTA and ADVANC.

Krungthai XSpring

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