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 attempted to rebound and hold above 1,300 points but failed as selling pressure persisted, driven largely by heavy foreign investor sell-offs.</li><li>Fund outflows were a key factor weighing on the index, with no fresh catalysts and investors still waiting for government stimulus measures.</li><li>The index may dip further, but we believe the downside is limited as the overall uptrend remains intact.</li></ul>

The SET attempted to rebound and hold above 1,300 points but failed as selling pressure persisted, driven largely by heavy foreign investor sell-offs.Fund outflows were a key factor weighing on the index, with no fresh catalysts and investors still waiting for government stimulus measures.The index may dip further, but we believe the downside is limited as the overall uptrend remains intact.

Krungthai XSpring Technical Eng. September 22, 2025

<ul><li>The SET Index is expected to move with upward volatility today, with the resistance at 1,300/1,316 and the support at 1,290/1,284.</li><li>US equities rebounded yesterday (S&amp;P 500 +0.48%, NASDAQ +0.92%) as markets stabilized after digesting the Fed meeting, where the Fed reaffirmed its signal of future rate cuts—a positive for both the economy and equities.</li><li>The Royal Gazette has released the Budget Act for fiscal year 2026, which will take effect on October 1.</li></ul>

The SET Index is expected to move with upward volatility today, with the resistance at 1,300/1,316 and the support at 1,290/1,284.US equities rebounded yesterday (S&amp;P 500 +0.48%, NASDAQ +0.92%) as markets stabilized after digesting the Fed meeting, where the Fed reaffirmed its signal of future rate cuts—a positive for both the economy and equities.The Royal Gazette has released the Budget Act for fiscal year 2026, which will take effect on October 1.

Krungthai XSpring Zoom Eng. September 19, 2025.

<ul><li>The SET came under profit-taking pressure and "sell-on-fact" activity after the Fed meeting delivered results in line with expectations.</li><li>In the short term, the index may face further downside as it remains below the 1,300-point level, with selling pressure likely to persist and the baht starting to weaken.</li><li>We expect the index’s downside to remain limited, with the sideways-up trend intact.</li></ul>

The SET came under profit-taking pressure and "sell-on-fact" activity after the Fed meeting delivered results in line with expectations.In the short term, the index may face further downside as it remains below the 1,300-point level, with selling pressure likely to persist and the baht starting to weaken.We expect the index’s downside to remain limited, with the sideways-up trend intact.

Krungthai XSpring Technical Eng. September 19, 2025

<ul><li>The improved tone in US-China talks is expected to boost market sentiment in Asia and Thailand today.</li><li>Prime Minister Anutin Charnvirakul confirmed that the Cabinet lineup is now finalized and undergoing qualification checks, with submission for royal endorsement expected this week.</li><li>Bloomberg reported that the Bank of Thailand (BOT) and the Ministry of Finance are considering a tax on gold transactions settled in baht to ease pressure on the currency and curb excessive appreciation.</li></ul>

The improved tone in US-China talks is expected to boost market sentiment in Asia and Thailand today.Prime Minister Anutin Charnvirakul confirmed that the Cabinet lineup is now finalized and undergoing qualification checks, with submission for royal endorsement expected this week.Bloomberg reported that the Bank of Thailand (BOT) and the Ministry of Finance are considering a tax on gold transactions settled in baht to ease pressure on the currency and curb excessive appreciation.

Krungthai XSpring Zoom Eng. September 16, 2025

<ul><li>Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund inflows.</li><li>The index has moved closer to the key resistance at 1,284, putting it within testing range and raising the potential for a breakout.</li><li>Nevertheless, we expect the index to maintain its upward momentum toward the 1,300-point level. We recommend selective speculation.</li></ul>

Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund inflows.The index has moved closer to the key resistance at 1,284, putting it within testing range and raising the potential for a breakout.Nevertheless, we expect the index to maintain its upward momentum toward the 1,300-point level. We recommend selective speculation.

Krungthai XSpring Technical Eng. SEPTEMBER 11, 2025

Thailand

Indorama Ventures PCL manufactures and distributes polyethylene terephthalate ("PET"), purified terephthalic acid ("PTA") and related products, polyester fibers and yarns, and wool products.

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Indorama Ventures (IVL TB)

Krungthai XSpring Technical Eng. September 22, 2025

The SET attempted to rebound and hold above 1,300 points but failed as selling pressure persisted, driven largely by heavy foreign investor sell-offs.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 19, 2025.

The SET Index is expected to move with upward volatility today, with the resistance at 1,300/1,316 and the support at 1,290/1,284.

Krungthai XSpring

Krungthai XSpring Technical Eng. September 19, 2025

In the short term, the index may face further downside as it remains below the 1,300-point level, with selling pressure likely to persist and the...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 16, 2025

Prime Minister Anutin Charnvirakul confirmed that the Cabinet lineup is now finalized and undergoing qualification checks, with submission for...

Krungthai XSpring

Krungthai XSpring Technical Eng. SEPTEMBER 11, 2025

Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund...

Krungthai XSpring

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