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 initially moved in a tight range amid a lack of clear catalysts, while political issue exerted some pressure.</li><li>However, the index surprised in the afternoon session by surging sharply, driven by strong buying in blue-chip stocks such as DELTA, ADVANC, GULF, KTC, and banking shares — despite the Constitutional Court accepting the petition related to the audio clip case and ordering the Prime Minister to suspend duties.</li><li>The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci resistance at 1,116 points.</li></ul>

The SET initially moved in a tight range amid a lack of clear catalysts, while political issue exerted some pressure.However, the index surprised in the afternoon session by surging sharply, driven by strong buying in blue-chip stocks such as DELTA, ADVANC, GULF, KTC, and banking shares — despite the Constitutional Court accepting the petition related to the audio clip case and ordering the Prime Minister to suspend duties.The index rebounded sharply above the 1,100-point level — exceeding expectations — and remains on track to retest the one- third Fibonacci resistance at 1,116 points.

<ul><li>The SET Index is expected to weaken, with the support levels at 1,074/1,067 points and the resistance at 1,095 points (10- day EMA) and 1,100 points (10-day EMA).</li><li>From a technical perspective, the market is awaiting confirmation on whether the index will move down to test this year’s low (if it falls below 1,067 points) or reverse into a new upward trend (which would require breaking above 1,105/1,117 points, respectively).</li><li>External factors are slightly positive overall, but domestic sentiment may face an overhang from political issues.</li></ul>

The SET Index is expected to weaken, with the support levels at 1,074/1,067 points and the resistance at 1,095 points (10- day EMA) and 1,100 points (10-day EMA).From a technical perspective, the market is awaiting confirmation on whether the index will move down to test this year’s low (if it falls below 1,067 points) or reverse into a new upward trend (which would require breaking above 1,105/1,117 points, respectively).External factors are slightly positive overall, but domestic sentiment may face an overhang from political issues.

<ul><li>The SET rebounded swiftly after a sharp decline, with no new negative factors weighing on sentiment.</li><li>A strong rebound in the ICT sector — particularly ADVANC — along with gains in food and hospital stocks, enabled the index to close up.</li><li>This occurred despite selling pressure from banking and finance stocks, as well as declines in AOT and GULF.</li></ul>

The SET rebounded swiftly after a sharp decline, with no new negative factors weighing on sentiment.A strong rebound in the ICT sector — particularly ADVANC — along with gains in food and hospital stocks, enabled the index to close up.This occurred despite selling pressure from banking and finance stocks, as well as declines in AOT and GULF.

<ul><li>Risk of missing the voting deadline: Ongoing debates over key issues — such as raising the cap on state and local tax (SALT) deductions — and conflicts both within and between parties could delay a consensus.</li><li>If no agreement is reached by the end of the current fiscal year (September 30), it could lead to a "government shutdown," which would put downward pressure on the US dollar.</li><li>If the bill passes, US public debt is projected to increase by at least USD3.0trn over the next 10 years (Figure 1), comprising USD2.4trn in fiscal deficits and USD0.55trn in interest payments.</li></ul>

Risk of missing the voting deadline: Ongoing debates over key issues — such as raising the cap on state and local tax (SALT) deductions — and conflicts both within and between parties could delay a consensus.If no agreement is reached by the end of the current fiscal year (September 30), it could lead to a "government shutdown," which would put downward pressure on the US dollar.If the bill passes, US public debt is projected to increase by at least USD3.0trn over the next 10 years (Figure 1), comprising USD2.4trn in fiscal deficits and USD0.55trn in interest payments.

<ul><li>The SET Index is expected to move sideways down, with the support levels at 1,074/1,067 points and the resistance levels at 1,090/1,097 points (10-day EMA).</li><li>Based on the technical signals, a bearish reversal pattern (Evening Star) has formed, with potential rebound points at 1,067 (the gap opened on June 24) and 1,053.79 (the lowest point of the year, recorded on June 24).</li><li>External factors are positive, particularly the potential postponement of the reciprocal tariff deadline to September 1.</li></ul>

The SET Index is expected to move sideways down, with the support levels at 1,074/1,067 points and the resistance levels at 1,090/1,097 points (10-day EMA).Based on the technical signals, a bearish reversal pattern (Evening Star) has formed, with potential rebound points at 1,067 (the gap opened on June 24) and 1,053.79 (the lowest point of the year, recorded on June 24).External factors are positive, particularly the potential postponement of the reciprocal tariff deadline to September 1.

KTX Zoom: Window Dressing for End of 2Q25 - JUNE 30, 2025

Thailand

Kasikornbank is a leading Thai banking group providing comprehensive commercial and retail banking services, alongside securities and other related financial businesses. The bank offers a wide array of products including deposit accounts, debit and credit cards, long-term and syndicated loans, cash management, and investment products. Headquartered in Bangkok, Thailand, the company was established on June 8, 1945.

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