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 continued to rise as global oil prices weakened. The SET traded in positive territory throughout the day and touched 1,428.06 before retreating in the afternoon on profit taking, pressured by a rebound in oil prices and concerns over the prolonged Middle East conflict. Meanwhile, foreign investors were net sellers for the fifth consecutive day.</li><li>The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop, pressured by fund outflows.</li><li>Meanwhile, the MACD has weakened and moved close to the zero line, raising caution over a potential dead cross signal. However, as long as the index remains above the 1,400–1,384 point support zone, we believe it is still trading in the upper Fibonacci channel, with potential to rebound further as domestic buying begins to play a larger role in supporting the index.</li></ul>

Asian bourses continued to rise as global oil prices weakened. The SET traded in positive territory throughout the day and touched 1,428.06 before retreating in the afternoon on profit taking, pressured by a rebound in oil prices and concerns over the prolonged Middle East conflict. Meanwhile, foreign investors were net sellers for the fifth consecutive day.The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop, pressured by fund outflows.Meanwhile, the MACD has weakened and moved close to the zero line, raising caution over a potential dead cross signal. However, as long as the index remains above the 1,400–1,384 point support zone, we believe it is still trading in the upper Fibonacci channel, with potential to rebound further as domestic buying begins to play a larger role in supporting the index.

Krungthai XSpring Technical Eng. March 12, 2026

<ul><li>The SET Index is expected to extend its rebound today, though gains may be limited, with resistance at 1,420/1,431 and support at 1,400/1,384.</li><li>Crude oil prices have declined from the USD100 level, suggesting the worst of market concerns may have passed.</li><li>The Thai stock market rebounded yesterday, gaining 22.79 points (+1.65%) to close at 1,405.76.</li></ul>

The SET Index is expected to extend its rebound today, though gains may be limited, with resistance at 1,420/1,431 and support at 1,400/1,384.Crude oil prices have declined from the USD100 level, suggesting the worst of market concerns may have passed.The Thai stock market rebounded yesterday, gaining 22.79 points (+1.65%) to close at 1,405.76.

Krungthai XSpring Zoom Eng. March 11, 2026

<ul><li>The SET Index is expected to rebound today, with support at 1,361/1,350 and resistance at 1,385/1,400, after Trump said the attack on Iran would end soon and that higher oil prices are only temporary.</li><li>Global financial markets eased following Trump’s comments on Iran and the Strait of Hormuz, supporting a rebound in US equities (S&amp;P 500 +0.83%, NASDAQ +1.38%).</li><li>The Ministry of Commerce estimates in its sensitivity analysis that if Dubai crude prices average USD80, USD100, and USD120 per barrel, headline inflation would rise to around 1–2%, 2–3%, and above 3%, respectively.</li></ul>

The SET Index is expected to rebound today, with support at 1,361/1,350 and resistance at 1,385/1,400, after Trump said the attack on Iran would end soon and that higher oil prices are only temporary.Global financial markets eased following Trump’s comments on Iran and the Strait of Hormuz, supporting a rebound in US equities (S&amp;P 500 +0.83%, NASDAQ +1.38%).The Ministry of Commerce estimates in its sensitivity analysis that if Dubai crude prices average USD80, USD100, and USD120 per barrel, headline inflation would rise to around 1–2%, 2–3%, and above 3%, respectively.

Krungthai XSpring Zoom Eng. March 10, 2026

<ul><li>The conflict between the US–Israel and Iran shows signs of prolonging, pushing global oil prices above USD100/bbl and raising inflation concerns, which have become a key factor weighing on Asian bourses.</li><li>Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.</li><li>As a result, the index may continue to decline, but key support levels should help cushion the downside given the sharp drop already seen.</li></ul>

The conflict between the US–Israel and Iran shows signs of prolonging, pushing global oil prices above USD100/bbl and raising inflation concerns, which have become a key factor weighing on Asian bourses.Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.As a result, the index may continue to decline, but key support levels should help cushion the downside given the sharp drop already seen.

Krungthai XSpring Technical Eng. March 10, 2026

<ul><li>The SET Index is expected to remain under pressure today, with support at 1,400/1,387 points and resistance at 1,424/1,443 points.</li><li>We recommend speculative trading in oil and refinery stocks (PTTEP, BCP), while advising caution on stocks negatively affected by higher oil prices and Middle East tensions, such as airlines (AAV, THAI, BA), hospitals (BH, PR9, BDMS), exporters to the Middle East (AAI, SAPPE), and tourism stocks (MINT, CENTEL, ERW).</li><li>Nevertheless, we believe the Fed will place greater weight on labor market conditions, as the upside risk to inflation stems mainly from cost pressures, which are not the Fed’s primary mandate.</li></ul>

The SET Index is expected to remain under pressure today, with support at 1,400/1,387 points and resistance at 1,424/1,443 points.We recommend speculative trading in oil and refinery stocks (PTTEP, BCP), while advising caution on stocks negatively affected by higher oil prices and Middle East tensions, such as airlines (AAV, THAI, BA), hospitals (BH, PR9, BDMS), exporters to the Middle East (AAI, SAPPE), and tourism stocks (MINT, CENTEL, ERW).Nevertheless, we believe the Fed will place greater weight on labor market conditions, as the upside risk to inflation stems mainly from cost pressures, which are not the Fed’s primary mandate.

Krungthai XSpring Zoom Eng. MARCH 9, 2026

Thailand

WHA Corporation is a leading Thai company engaged in logistics, industrial development, utilities and power, digital services, and mobility businesses. It develops and manages industrial estates, ready-built factories and warehouses, and provides comprehensive solutions including water and wastewater management, and power generation. The company was founded in 2003 and is headquartered in Samut Prakan, Thailand.

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WHA Corporation (WHA TB)

Krungthai XSpring Technical Eng. March 12, 2026

The index, which had shown strong momentum and was expected to rebound toward 1,450 points, may need to reassess its outlook after a sharp drop,...

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 11, 2026

The SET Index is expected to extend its rebound today, though gains may be limited, with resistance at 1,420/1,431 and support at 1,400/1,384.

Krungthai XSpring

Krungthai XSpring Zoom Eng. March 10, 2026

Global financial markets eased following Trump’s comments on Iran and the Strait of Hormuz, supporting a rebound in US equities (S&P 500 +0.83%,...

Krungthai XSpring

Krungthai XSpring Technical Eng. March 10, 2026

Fund outflows remain a key internal pressure, while the Middle East conflict represents an external risk factor, increasing volatility in the index.

Krungthai XSpring

Krungthai XSpring Zoom Eng. MARCH 9, 2026

The SET Index is expected to remain under pressure today, with support at 1,400/1,387 points and resistance at 1,424/1,443 points.

Krungthai XSpring

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