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 is expected to extend its gains today, with resistance at 1,500/1,507 points and support at 1,461/1,444 points.</li><li>The upside is supported by crude oil prices hitting a near six-month high, which should benefit oil and refinery stocks, alongside continued fund inflows.</li><li>The SET Index yesterday closed at 1,491.06, up 1.86%, supported by continued foreign buying, with net inflows of Bt4,873mn.</li></ul>

The SET Index is expected to extend its gains today, with resistance at 1,500/1,507 points and support at 1,461/1,444 points.The upside is supported by crude oil prices hitting a near six-month high, which should benefit oil and refinery stocks, alongside continued fund inflows.The SET Index yesterday closed at 1,491.06, up 1.86%, supported by continued foreign buying, with net inflows of Bt4,873mn.

Krungthai XSpring Zoom Eng. February 20, 2026

<ul><li>US: US stock markets rebounded (S&amp;P 500 +0.54%, NASDAQ +0.56%), driven by stronger-than-expected January Manufacturing PMI data.</li><li>S&amp;P Global reported Thailand's January Manufacturing PMI at 52.7, moderating from 57.4 in December 2025 (below the consensus estimate of 58).</li><li>Foreign investors remained net sellers of Thai equities for the third consecutive day, though the selling pressure eased significantly to just THB 297 million.</li></ul>

US: US stock markets rebounded (S&amp;P 500 +0.54%, NASDAQ +0.56%), driven by stronger-than-expected January Manufacturing PMI data.S&amp;P Global reported Thailand's January Manufacturing PMI at 52.7, moderating from 57.4 in December 2025 (below the consensus estimate of 58).Foreign investors remained net sellers of Thai equities for the third consecutive day, though the selling pressure eased significantly to just THB 297 million.

Krungthai XSpring Zoom Eng. February 3, 2026

<ul><li>The SET Index is expected to move sideways down today, with support at 1,300/1,280 and resistance at 1,314/1,328.</li><li>Domestically, foreign investors continued selling Thai equities for a fourth consecutive day after the recent strong market rally, which has reduced valuation attractiveness.</li><li>Thailand’s Board of Investment (BOI) reported a sharp rise in investment applications in 2025, with 3,370 projects (+11%) and total pledged investment of Bt1.88trn (+67%), marking a record high.</li></ul>

The SET Index is expected to move sideways down today, with support at 1,300/1,280 and resistance at 1,314/1,328.Domestically, foreign investors continued selling Thai equities for a fourth consecutive day after the recent strong market rally, which has reduced valuation attractiveness.Thailand’s Board of Investment (BOI) reported a sharp rise in investment applications in 2025, with 3,370 projects (+11%) and total pledged investment of Bt1.88trn (+67%), marking a record high.

Krungthai XSpring Zoom Eng. JANUARY 27, 2026

<ul><li>The SET Index is expected to trade sideways today, with support at 1,300/1,280 and resistance at 1,317/1,330.</li><li>The US: US equities extended gains (S&amp;P 500 +0.55%, NASDAQ +0.91%), supported by easing US–Europe tensions after Donald Trump said tariffs on eight European countries would be dropped following agreement on a Greenland negotiation framework.</li><li>USDTHB: The baht has reversed to weaken over the past two days, driven mainly by i) external factors, as the US dollar strengthened and gold prices declined amid easing US–Europe tensions, and ii) domestic factors, after the Bank of Thailand (BoT) signaled tighter oversight of gold-related transactions to reduce baht volatility linked to gold prices.</li></ul>

The SET Index is expected to trade sideways today, with support at 1,300/1,280 and resistance at 1,317/1,330.The US: US equities extended gains (S&amp;P 500 +0.55%, NASDAQ +0.91%), supported by easing US–Europe tensions after Donald Trump said tariffs on eight European countries would be dropped following agreement on a Greenland negotiation framework.USDTHB: The baht has reversed to weaken over the past two days, driven mainly by i) external factors, as the US dollar strengthened and gold prices declined amid easing US–Europe tensions, and ii) domestic factors, after the Bank of Thailand (BoT) signaled tighter oversight of gold-related transactions to reduce baht volatility linked to gold prices.

Krungthai XSpring Zoom Eng. January 23, 2026

<ul><li>The US: Global financial markets eased (S&amp;P 500 +1.16%, NASDAQ +1.18%, US 10Y yield declined from 4.3% to 4.26%, Dollar Index +0.25%) after Donald Trump said, following discussions with the Secretary General of NATO, that both sides had reached a “framework of a future deal with respect to Greenland”.</li><li>Thailand: The Federation of Thai Industries (FTI) assessed Thailand’s industrial outlook for 2026 and highlighted the following trends: (i) expansion in sectors such as food and beverages and sugar; (ii) stable conditions in automobiles, electronics, power generation, and gems and jewelry; and (iii) contraction in sectors such as rubber and petrochemicals.</li><li>Thailand: Since January 14, the Thai equity market has rallied sharply, with the SET Index rising from 1,235.3 to 1,317.56, or +6.66%, driven by fund inflows.</li></ul>

The US: Global financial markets eased (S&amp;P 500 +1.16%, NASDAQ +1.18%, US 10Y yield declined from 4.3% to 4.26%, Dollar Index +0.25%) after Donald Trump said, following discussions with the Secretary General of NATO, that both sides had reached a “framework of a future deal with respect to Greenland”.Thailand: The Federation of Thai Industries (FTI) assessed Thailand’s industrial outlook for 2026 and highlighted the following trends: (i) expansion in sectors such as food and beverages and sugar; (ii) stable conditions in automobiles, electronics, power generation, and gems and jewelry; and (iii) contraction in sectors such as rubber and petrochemicals.Thailand: Since January 14, the Thai equity market has rallied sharply, with the SET Index rising from 1,235.3 to 1,317.56, or +6.66%, driven by fund inflows.

Krungthai XSpring Zoom Eng. January 22, 2026

Canada

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Mint / (MIT CN)

Krungthai XSpring Zoom Eng. February 20, 2026

The upside is supported by crude oil prices hitting a near six-month high, which should benefit oil and refinery stocks, alongside continued fund...

Krungthai XSpring

Krungthai XSpring Zoom Eng. February 3, 2026

US: US stock markets rebounded (S&P 500 +0.54%, NASDAQ +0.56%), driven by stronger-than-expected January Manufacturing PMI data.

Krungthai XSpring

Krungthai XSpring Zoom Eng. JANUARY 27, 2026

Thailand’s Board of Investment (BOI) reported a sharp rise in investment applications in 2025, with 3,370 projects (+11%) and total pledged...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 23, 2026

The US: US equities extended gains (S&P 500 +0.55%, NASDAQ +0.91%), supported by easing US–Europe tensions after Donald Trump said tariffs on eight...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 22, 2026

Thailand: Since January 14, the Thai equity market has rallied sharply, with the SET Index rising from 1,235.3 to 1,317.56, or +6.66%, driven by...

Krungthai XSpring

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