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 move sideways up today, with the resistance at 1,270 and 1,284 points and the support at 1,260 and 1,250 points.</li><li>External factors are viewed as slightly positive, following gains in the US equity market and crude oil prices, which are supportive of electronics stocks and oil-related sectors.</li><li>Baht appreciation can act as a positive sentiment driver for certain stocks (such as GULF and MOSHI) as well as large-cap, highly liquid stocks that are typical targets of foreign fund flows (including ADVANC, CPALL, PTTGC, and HMPRO).</li></ul>

The SET Index is expected to move sideways up today, with the resistance at 1,270 and 1,284 points and the support at 1,260 and 1,250 points.External factors are viewed as slightly positive, following gains in the US equity market and crude oil prices, which are supportive of electronics stocks and oil-related sectors.Baht appreciation can act as a positive sentiment driver for certain stocks (such as GULF and MOSHI) as well as large-cap, highly liquid stocks that are typical targets of foreign fund flows (including ADVANC, CPALL, PTTGC, and HMPRO).

Krungthai XSpring Zoom Eng. December 23, 2025

<ul><li>The market lacked new catalysts, while blue-chip stocks took turns leading the index.</li><li>At least the index attempted to rebound and consistently held above the 1,250-point level.</li><li>We maintain a positive view that the index can hold above its support level and rebound.</li></ul>

The market lacked new catalysts, while blue-chip stocks took turns leading the index.At least the index attempted to rebound and consistently held above the 1,250-point level.We maintain a positive view that the index can hold above its support level and rebound.

Krungthai XSpring Technical Eng. December 22, 2025

<ul><li>The US 10-year bond yield edged up slightly from 4.12% to 4.15% after New York Fed President John Williams cautioned that the sharper-than-expected slowdown in November inflation may have been driven by practical data-collection factors, implying that the Fed does not need to rush into rate cuts.</li><li>The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026, citing that real interest rates (adjusted for inflation) remain very low.</li><li>The passenger service charge (PSC) issue for AOT has returned as an overhang, after the Minister of Transport stated that although the Civil Aviation Board (CAB) has already approved the proposal, the process still requires the Transport Minister’s signature.</li></ul>

The US 10-year bond yield edged up slightly from 4.12% to 4.15% after New York Fed President John Williams cautioned that the sharper-than-expected slowdown in November inflation may have been driven by practical data-collection factors, implying that the Fed does not need to rush into rate cuts.The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026, citing that real interest rates (adjusted for inflation) remain very low.The passenger service charge (PSC) issue for AOT has returned as an overhang, after the Minister of Transport stated that although the Civil Aviation Board (CAB) has already approved the proposal, the process still requires the Transport Minister’s signature.

Krungthai XSpring Zoom Eng. December 22, 2025

<ul><li>The SET opened higher on gains in banking stocks but was weighed down by declines in DELTA, as well as finance, hospital, commerce, and energy stocks.</li><li>Although selling pressure spread across a broad range of sectors, the index managed to hold above the 1,250-point support level.</li><li>Therefore, we continue to recommend buying at the support, viewing these levels as attractive entry points, as the index has rebounded several times from this area in the past.</li></ul>

The SET opened higher on gains in banking stocks but was weighed down by declines in DELTA, as well as finance, hospital, commerce, and energy stocks.Although selling pressure spread across a broad range of sectors, the index managed to hold above the 1,250-point support level.Therefore, we continue to recommend buying at the support, viewing these levels as attractive entry points, as the index has rebounded several times from this area in the past.

Krungthai XSpring Technical Eng. DECEMBER 19, 2025

<ul><li>The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.</li><li>The MPC unanimously voted to cut the policy rate to 1.25%, in line with market expectations, bringing the policy rate to its lowest level in four years.</li><li>The MPC stated that the latest policy rate cut was driven mainly by economic and inflation factors, namely: (i) export growth in 2026 is likely to slow due to a high base in 2025, with US tariffs further weighing on exports next year.</li></ul>

The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.The MPC unanimously voted to cut the policy rate to 1.25%, in line with market expectations, bringing the policy rate to its lowest level in four years.The MPC stated that the latest policy rate cut was driven mainly by economic and inflation factors, namely: (i) export growth in 2026 is likely to slow due to a high base in 2025, with US tariffs further weighing on exports next year.

Krungthai XSpring Zoom Eng. December 18, 2025

Thailand

SCB X is a Thailand-based financial technology holding company and the parent of Siam Commercial Bank (SCB), one of Thailand's largest commercial banks. It operates across three core business pillars: Banking Services, Consumer and Digital Financial Services, and Platform and Technology. The company was officially established on September 15, 2021, and is headquartered in Bangkok, Thailand.

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SCB X (SCB TB)

Krungthai XSpring Zoom Eng. December 23, 2025

The SET Index is expected to move sideways up today, with the resistance at 1,270 and 1,284 points and the support at 1,260 and 1,250 points.

Krungthai XSpring

Krungthai XSpring Technical Eng. December 22, 2025

The market lacked new catalysts, while blue-chip stocks took turns leading the index. At least the index attempted to rebound and consistently held...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 22, 2025

The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026,...

Krungthai XSpring

Krungthai XSpring Technical Eng. DECEMBER 19, 2025

The SET opened higher on gains in banking stocks but was weighed down by declines in DELTA, as well as finance, hospital, commerce, and energy stocks.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 18, 2025

The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.

Krungthai XSpring

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