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>The SET Index initially surged to 1,231.02 points, supported by optimism surrounding the US-China trade negotiations.</li><li>However, buying activity remained concentrated in blue-chip stocks already favored by the market, as well as China-related plays such as SCC, PTTGC, IVL, and DELTA, which continued to gain.</li><li>Despite the strong start, profit-taking pressure eventually weighed on the index, prompting a pullback.</li></ul>

The SET Index initially surged to 1,231.02 points, supported by optimism surrounding the US-China trade negotiations.However, buying activity remained concentrated in blue-chip stocks already favored by the market, as well as China-related plays such as SCC, PTTGC, IVL, and DELTA, which continued to gain.Despite the strong start, profit-taking pressure eventually weighed on the index, prompting a pullback.

<ul><li>The SET Index faced profit-taking after a sharp recent rally, as no new supportive catalysts emerged.</li><li>Meanwhile, Asian markets traded mixed as investors awaited the outcome of China-US trade negotiations.</li><li>Major index constituents — DELTA, AOT, SCC, and the PTT group — saw pullbacks, while foreign investors resumed net selling.</li></ul>

The SET Index faced profit-taking after a sharp recent rally, as no new supportive catalysts emerged.Meanwhile, Asian markets traded mixed as investors awaited the outcome of China-US trade negotiations.Major index constituents — DELTA, AOT, SCC, and the PTT group — saw pullbacks, while foreign investors resumed net selling.

<ul><li>Technically, the SET Index is expected to move sideways, with the support levels at 1,208/1,200 points and the resistance at 1,230/1,235 points.</li><li>In the short term, the market is still awaiting confirmation of the peak of Wave 1 (of the 5-wave uptrend in the Elliott Wave theory) before entering a correction phase.</li><li>Wave 2 typically retraces around 50-61.8% of Wave 1’s length.</li></ul>

Technically, the SET Index is expected to move sideways, with the support levels at 1,208/1,200 points and the resistance at 1,230/1,235 points.In the short term, the market is still awaiting confirmation of the peak of Wave 1 (of the 5-wave uptrend in the Elliott Wave theory) before entering a correction phase.Wave 2 typically retraces around 50-61.8% of Wave 1’s length.

KTX Zoom: BoE Expected to Cut Interest Rates Further - MAY 8, 2025

<ul><li>The influx of positive factors — particularly China's rollout of economic stimulus measures and this week's trade negotiations between China and the US — along with strong 1Q25 earnings from ADVANC, sparked a sharp rally in the SET, making it the best- performing market in the region.</li><li>Large-cap stocks took the lead, and the index showed a steady upward pattern.</li><li>The index not only held above the 1,200-point area but also quickly advanced toward the 1,235-point resistance faster than expected. </li></ul>

The influx of positive factors — particularly China's rollout of economic stimulus measures and this week's trade negotiations between China and the US — along with strong 1Q25 earnings from ADVANC, sparked a sharp rally in the SET, making it the best- performing market in the region.Large-cap stocks took the lead, and the index showed a steady upward pattern.The index not only held above the 1,200-point area but also quickly advanced toward the 1,235-point resistance faster than expected. 

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,190 points (50-day EMA) and 1,185 points and the resistance at 1,210 and 1,214 points.</li><li>In the short term, the index appears to be entering a correction phase after rallying over 15% from this year’s new low of 1,056.41 points on April 8.</li><li>A reversal signal (hammer) appeared on Friday, suggesting the index may soften over the next 1-2 days. </li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,190 points (50-day EMA) and 1,185 points and the resistance at 1,210 and 1,214 points.In the short term, the index appears to be entering a correction phase after rallying over 15% from this year’s new low of 1,056.41 points on April 8.A reversal signal (hammer) appeared on Friday, suggesting the index may soften over the next 1-2 days. 

KTX Zoom - Reports of Manufacturing and Services PMIs for China and the EU

Thailand

Gulf Development Public Company Limited is a holding company that invests in a diversified portfolio including conventional and renewable power generation, natural gas supply and distribution, infrastructure development, and digital businesses. It develops and manages gas-fired, solar, wind, hydroelectric, biomass, and waste-to-energy projects. The company is headquartered in Bangkok, Thailand, and was founded in 2007.

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Gulf Development (GULF TB)

Technical Analysis - MAY 14, 2025

However, buying activity remained concentrated in blue-chip stocks already favored by the market, as well as China-related plays such as SCC,...

Krungthai XSpring

Technical Analysis - MAY 9, 2025

Major index constituents — DELTA, AOT, SCC, and the PTT group — saw pullbacks, while foreign investors resumed net selling.

Krungthai XSpring

KTX Zoom: BoE Expected to Cut Interest Rates Further - MAY 8, 2025

Technically, the SET Index is expected to move sideways, with the support levels at 1,208/1,200 points and the resistance at 1,230/1,235 points.

Krungthai XSpring

Technical Analysis - MAY 8, 2025

The index not only held above the 1,200-point area but also quickly advanced toward the 1,235-point resistance faster than expected.

Krungthai XSpring

KTX Zoom - Reports of Manufacturing and Services PMIs for China and the EU

Technically, the SET Index is expected to weaken, with the support levels at 1,190 points (50-day EMA) and 1,185 points and the resistance at 1,210...

Krungthai XSpring

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