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>Technically, the SET Index is expected to move sideways, with the resistance at 1,208/1,220 points (75-day EMA) and the support at 1,190 points (50-day EMA)/1,180 points.</li><li>In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance levels at 1,200/1,220 points after setting a new low for the year at 1,056.41 points on April 8.</li><li>This upward movement signals a medium-term trend reversal to an uptrend (bottoming out). Next, the index is expected to enter a consolidation phase to confirm a higher low in the long term (the major buying zone lies at 1,145/1,128 points). </li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,208/1,220 points (75-day EMA) and the support at 1,190 points (50-day EMA)/1,180 points.In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance levels at 1,200/1,220 points after setting a new low for the year at 1,056.41 points on April 8.This upward movement signals a medium-term trend reversal to an uptrend (bottoming out). Next, the index is expected to enter a consolidation phase to confirm a higher low in the long term (the major buying zone lies at 1,145/1,128 points). 

KTX Zoom: US Non-Farm Payrolls - May 2, 2025

<ul><li>Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,160/1,164 points and the support at 1,147/1,142 points (10-day EMA).</li><li>In the short term, the index remains in a rally phase after hitting a new low for the year at 1,056.41 points on April 8.</li><li>There are signs of a potential medium-term trend reversal from bearish to bullish, forming patterns such as a bullish flag, double bottom, or W-shape.</li></ul>

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,160/1,164 points and the support at 1,147/1,142 points (10-day EMA).In the short term, the index remains in a rally phase after hitting a new low for the year at 1,056.41 points on April 8.There are signs of a potential medium-term trend reversal from bearish to bullish, forming patterns such as a bullish flag, double bottom, or W-shape.

KTX Zoom: US Earnings Results & Durable Goods Orders - APRIL 24, 2025

<ul><li>Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,150/1,157 points (25-day EMA) and the support at 1,134/1,127 points.</li><li>In the short term, the index remains in a consolidation phase, with the key support levels at 1,116/1,105/1,093 points, respectively, following a continued rally from this year’s new low of 1,118.96 points on April 11.</li><li>To confirm a medium-term trend reversal into an uptrend, the index would need to form a double bottom or W-shaped pattern. </li></ul>

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,150/1,157 points (25-day EMA) and the support at 1,134/1,127 points.In the short term, the index remains in a consolidation phase, with the key support levels at 1,116/1,105/1,093 points, respectively, following a continued rally from this year’s new low of 1,118.96 points on April 11.To confirm a medium-term trend reversal into an uptrend, the index would need to form a double bottom or W-shaped pattern. 

KTX Zoom: Composite PMIs of the US, EU, and JP - APRIL 23, 2025

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,130/1,122 points and the resistance at 1,145/1,153 points.</li><li>In the short term, there is a possibility of a correction (pullback) toward 1,116/1,105/1,093 points after a continuous rally from this year’s new low at 1,118.96 points on April 11.</li><li>This would help confirm a shift in the medium- term trend to an uptrend (bottoming out with higher lows) through a double-bottom or W-shaped pattern. </li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,130/1,122 points and the resistance at 1,145/1,153 points.In the short term, there is a possibility of a correction (pullback) toward 1,116/1,105/1,093 points after a continuous rally from this year’s new low at 1,118.96 points on April 11.This would help confirm a shift in the medium- term trend to an uptrend (bottoming out with higher lows) through a double-bottom or W-shaped pattern. 

<ul><li>The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade negotiations weigh on sentiment.</li><li>At the same time, the index came under pressure following a selloff in the banking sector, driven by disappointing 1Q25 earnings.</li><li>This was compounded by continued selling in blue-chip stocks, particularly in the energy, transportation, petroleum, and commerce sectors, leading to a sharp decline in the afternoon session.</li></ul>

The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade negotiations weigh on sentiment.At the same time, the index came under pressure following a selloff in the banking sector, driven by disappointing 1Q25 earnings.This was compounded by continued selling in blue-chip stocks, particularly in the energy, transportation, petroleum, and commerce sectors, leading to a sharp decline in the afternoon session.

Thailand

The Bangkok SET Index is a capitalization-weighted index of stocks traded on the Stock Exchange of Thailand. The index was developed with a base value of 100 as of April 30, 1975. 

Thailand SET Index (SET INDEX)

KTX Zoom: US Non-Farm Payrolls - May 2, 2025

We maintain our recommendation to take profit on rallies for short-term investors, while long-term investors are advised to selectively buy on dips.

Krungthai XSpring

KTX Zoom: US Earnings Results & Durable Goods Orders - APRIL 24, 2025

We recommend selling into rallies for short-term trading, but accumulate for long-term investors, as this year’s downtrend appears to have come to...

Krungthai XSpring

KTX Zoom: Composite PMIs of the US, EU, and JP - APRIL 23, 2025

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,150/1,157 points (25-day EMA) and the support at...

Krungthai XSpring

KTX Zoom - APRIL 22, 2025

Technically, the SET Index is expected to weaken, with the support levels at 1,130/1,122 points and the resistance at 1,145/1,153 points.

Krungthai XSpring

Technical Analysis - APRIL 22, 2025

The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade...

Krungthai XSpring