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, with the resistance at 1,208/1,220 points (75-day EMA) and the support at 1,190 points (50-day EMA)/1,180 points.</li><li>In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance levels at 1,200/1,220 points after setting a new low for the year at 1,056.41 points on April 8.</li><li>This upward movement signals a medium-term trend reversal to an uptrend (bottoming out). Next, the index is expected to enter a consolidation phase to confirm a higher low in the long term (the major buying zone lies at 1,145/1,128 points). </li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,208/1,220 points (75-day EMA) and the support at 1,190 points (50-day EMA)/1,180 points.In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance levels at 1,200/1,220 points after setting a new low for the year at 1,056.41 points on April 8.This upward movement signals a medium-term trend reversal to an uptrend (bottoming out). Next, the index is expected to enter a consolidation phase to confirm a higher low in the long term (the major buying zone lies at 1,145/1,128 points). 

KTX Zoom: US Non-Farm Payrolls - May 2, 2025

<ul><li>The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade negotiations weigh on sentiment.</li><li>At the same time, the index came under pressure following a selloff in the banking sector, driven by disappointing 1Q25 earnings.</li><li>This was compounded by continued selling in blue-chip stocks, particularly in the energy, transportation, petroleum, and commerce sectors, leading to a sharp decline in the afternoon session.</li></ul>

The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade negotiations weigh on sentiment.At the same time, the index came under pressure following a selloff in the banking sector, driven by disappointing 1Q25 earnings.This was compounded by continued selling in blue-chip stocks, particularly in the energy, transportation, petroleum, and commerce sectors, leading to a sharp decline in the afternoon session.

<ul><li>The market is closely watching the Thailand–US trade talks as well as the 1Q25 earnings results from the bank sector, leading to a cautious trading atmosphere.</li><li>However, strong buying interest in blue-chip stocks, especially DELTA, boosted the SET higher for the third consecutive day.</li><li>As a result, the index recorded a 1.97% gain from the previous week.</li></ul>

The market is closely watching the Thailand–US trade talks as well as the 1Q25 earnings results from the bank sector, leading to a cautious trading atmosphere.However, strong buying interest in blue-chip stocks, especially DELTA, boosted the SET higher for the third consecutive day.As a result, the index recorded a 1.97% gain from the previous week.

<ul><li>The SET faced selling pressure throughout the day as market sentiment was weighed down by concerns over the China-US trade war, with investors looking to reduce risk ahead of the long Songkran holiday.</li><li>However, the index’s decline was limited, as large-cap stocks showed only slight movement despite foreign investor selling.</li><li>As a result, the SET still managed to post a 0.31% gain from the previous week.</li></ul>

The SET faced selling pressure throughout the day as market sentiment was weighed down by concerns over the China-US trade war, with investors looking to reduce risk ahead of the long Songkran holiday.However, the index’s decline was limited, as large-cap stocks showed only slight movement despite foreign investor selling.As a result, the SET still managed to post a 0.31% gain from the previous week.

<ul><li>President Trump's announcement to postpone the reciprocal tariff by 90 days sparked a sharp rally in global stock markets.</li><li>The SET surged to 1,146.86 points, gaining 58.68 points, before pulling back due to profit taking ahead of the Songkran holiday.</li><li>Strong buying activities flowed in blue-chip stocks and those previously affected by Trump’s tariff policies, such as AMATA, WHA, DELTA, PTTEP, SCC, GULF and banking stocks. </li></ul>

President Trump's announcement to postpone the reciprocal tariff by 90 days sparked a sharp rally in global stock markets.The SET surged to 1,146.86 points, gaining 58.68 points, before pulling back due to profit taking ahead of the Songkran holiday.Strong buying activities flowed in blue-chip stocks and those previously affected by Trump’s tariff policies, such as AMATA, WHA, DELTA, PTTEP, SCC, GULF and banking stocks. 

Thailand

Bangkok Chain Hospital Public Company Limited operates a chain of hospitals in Thailand serving both the cash and managed care markets.

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Bangkok Chain Hospital (BCH TB)

KTX Zoom: US Non-Farm Payrolls - May 2, 2025

We maintain our recommendation to take profit on rallies for short-term investors, while long-term investors are advised to selectively buy on dips.

Krungthai XSpring

Technical Analysis - APRIL 22, 2025

The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade...

Krungthai XSpring

Technical Analysis - APRIL 21, 2025

The market is closely watching the Thailand–US trade talks as well as the 1Q25 earnings results from the bank sector, leading to a cautious trading...

Krungthai XSpring

Technical Analysis - APRIL 16, 2025

The SET faced selling pressure throughout the day as market sentiment was weighed down by concerns over the China-US trade war, with investors...

Krungthai XSpring

Technical Analysis - APRIL 11, 2025

President Trump's announcement to postpone the reciprocal tariff by 90 days sparked a sharp rally in global stock markets.

Krungthai XSpring

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