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>Asian bourses showed a mixed performance, with Hong Kong’s market leading the decline due to China’s CPI contraction.</li><li>Meanwhile, the SET experienced a sharp plunge, hindered by a lack of positive catalysts and heavy selling pressure on blue-chip stocks.</li><li>Notably, stocks tied to China, such as SCC, IVL, and PTTGC, along with other heavyweights like DELTA, ADVANC, PTT, and CPALL, were hit hard.</li></ul>

Asian bourses showed a mixed performance, with Hong Kong’s market leading the decline due to China’s CPI contraction.Meanwhile, the SET experienced a sharp plunge, hindered by a lack of positive catalysts and heavy selling pressure on blue-chip stocks.Notably, stocks tied to China, such as SCC, IVL, and PTTGC, along with other heavyweights like DELTA, ADVANC, PTT, and CPALL, were hit hard.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,167/1,150 points and the resistance at 1,185/1,190 points.</li><li>In the medium term, the index remains in a downtrend, following a zig-zag down pattern in search of the bottom within the 1,130-1,506 point range.</li><li>In the short term, the trend has turned downward again, with a possibility of forming a new low below the previous low of 1,173.13 points recorded on March 4. </li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,167/1,150 points and the resistance at 1,185/1,190 points.In the medium term, the index remains in a downtrend, following a zig-zag down pattern in search of the bottom within the 1,130-1,506 point range.In the short term, the trend has turned downward again, with a possibility of forming a new low below the previous low of 1,173.13 points recorded on March 4. 

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<ul><li>Technically, the SET Index is expected to move sideways, with the support levels at 1,192/1,186 points and the resistance at 1,209 (10-day EMA)/1,220 points.</li><li>In the medium term, the trend remains in a zig-zag down pattern, with the index searching for a bottom within the 1,130-1,506 point range.</li><li>In the short term, the index is in a rebound phase after hitting a new low at 1,173.13 points on March 4. </li></ul>

Technically, the SET Index is expected to move sideways, with the support levels at 1,192/1,186 points and the resistance at 1,209 (10-day EMA)/1,220 points.In the medium term, the trend remains in a zig-zag down pattern, with the index searching for a bottom within the 1,130-1,506 point range.In the short term, the index is in a rebound phase after hitting a new low at 1,173.13 points on March 4. 

Weekly Strategy & US Inflation Expectations - March 10, 2025

<ul><li>The SET initially rose, outperforming Asian bourses, which declined in line with US stock markets.</li><li>However, it reversed sharply in the afternoon session as the market lacked new supportive factors and concerns over trade wars persisted.</li><li>Selling pressure emerged in blue-chip stocks such as AOT, ADVANC, PTT, and banking stocks, leading to further selloffs. As a result, the index hit new lows</li></ul>

The SET initially rose, outperforming Asian bourses, which declined in line with US stock markets.However, it reversed sharply in the afternoon session as the market lacked new supportive factors and concerns over trade wars persisted.Selling pressure emerged in blue-chip stocks such as AOT, ADVANC, PTT, and banking stocks, leading to further selloffs. As a result, the index hit new lows

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,210/1,206 points and the resistance at 1,225/1,233 points.</li><li>In the medium term, the index remains in a zig-zag down downtrend, searching for the bottom within the 1,187-1,506 point range.</li><li>In the short term, the market is at a decision point — whether to rebound (which requires holding above the 10-day EMA at 1,247 points) or continue declining to form a new low. </li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,210/1,206 points and the resistance at 1,225/1,233 points.In the medium term, the index remains in a zig-zag down downtrend, searching for the bottom within the 1,187-1,506 point range.In the short term, the market is at a decision point — whether to rebound (which requires holding above the 10-day EMA at 1,247 points) or continue declining to form a new low. 

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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)

Technical Analysis - March 11, 2025

Asian bourses showed a mixed performance, with Hong Kong’s market leading the decline due to China’s CPI contraction. Meanwhile, the SET...

Krungthai XSpring

KTX Zoom: US JOLTS Jobs Report - MARCH 11, 2025

Technically, the SET Index is expected to weaken, with the support at 1,167/1,150 points and the resistance at 1,185/1,190 points.

Krungthai XSpring

Weekly Strategy & US Inflation Expectations - March 10, 2025

Technically, the SET Index is expected to move sideways, with the support levels at 1,192/1,186 points and the resistance at 1,209 (10-day EMA)...

Krungthai XSpring

Technical Analysis -MARCH 5, 2025

Selling pressure emerged in blue-chip stocks such as AOT, ADVANC, PTT, and banking stocks, leading to further selloffs. As a result, the index hit...

Krungthai XSpring

KTX Zoom: MSCI Rebalancing, Effective Today - FEBRUARY 28, 2025

Technically, the SET Index is expected to weaken, with the support levels at 1,210/1,206 points and the resistance at 1,225/1,233 points.

Krungthai XSpring