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 Fed kept rates unchanged but delivered unclear signals, which could temporarily weigh on fund flows.</li><li>We view the Fed’s restrained messaging as a driver of range-bound global markets, with the Dollar Index rebounding 0.5% and the baht weakening 0.45%, potentially weighing on near-term foreign fund flows.</li><li>Crude prices are up around +10.6% YTD, while PTTEP and PTT have already gained +10.2% and +8.6% YTD, respectively, suggesting oil stocks have largely priced in the move.</li></ul>

The Fed kept rates unchanged but delivered unclear signals, which could temporarily weigh on fund flows.We view the Fed’s restrained messaging as a driver of range-bound global markets, with the Dollar Index rebounding 0.5% and the baht weakening 0.45%, potentially weighing on near-term foreign fund flows.Crude prices are up around +10.6% YTD, while PTTEP and PTT have already gained +10.2% and +8.6% YTD, respectively, suggesting oil stocks have largely priced in the move.

Krungthai XSpring Zoom Eng. January 29, 2026

<ul><li>The SET Index is expected to move sideways to sideways-up today, with resistance at 1,340/1,355 and support at 1,330/1,312.</li><li>External factors have turned slightly positive after Trump reiterated his view that the US dollar will continue to weaken, supporting fund inflows.</li><li>Thailand’s Fiscal Policy Office (FPO) maintained its 2026 GDP growth forecast at +2%, while revising key GDP components: (i) exports to +1% (from -1.5%), (ii) private investment to +3.2% (from +1.7%), and (iii) government consumption and public investment to +1.3% and -1.7% (from +1.6% and +3%).</li></ul>

The SET Index is expected to move sideways to sideways-up today, with resistance at 1,340/1,355 and support at 1,330/1,312.External factors have turned slightly positive after Trump reiterated his view that the US dollar will continue to weaken, supporting fund inflows.Thailand’s Fiscal Policy Office (FPO) maintained its 2026 GDP growth forecast at +2%, while revising key GDP components: (i) exports to +1% (from -1.5%), (ii) private investment to +3.2% (from +1.7%), and (iii) government consumption and public investment to +1.3% and -1.7% (from +1.6% and +3%).

Krungthai XSpring Zoom Eng. January 28, 2026

<ul><li>The SET came under pressure from uncertainty over 4Q25 earnings, a fourth consecutive day of foreign selling, and rising Middle East tensions.</li><li>The index pulled back toward the 1,330–1,296 support range.</li><li>We therefore recommend buying on weakness, particularly near the 1,300–1,296 support zone, provided trading volume remains intact.</li></ul>

The SET came under pressure from uncertainty over 4Q25 earnings, a fourth consecutive day of foreign selling, and rising Middle East tensions.The index pulled back toward the 1,330–1,296 support range.We therefore recommend buying on weakness, particularly near the 1,300–1,296 support zone, provided trading volume remains intact.

Krungthai XSpring Technical Eng. January 27, 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>As the Sahm Rule moves closer to recession-signal territory and potential divisions within the Fed become more visible ahead of the first FOMC meeting of 2026, selling pressure on the Dollar Index (DXY) is likely as US yields lose appeal, supporting baht appreciation.</li><li>If divisions emerge in the first policy vote of 2026 following the rotation of voting members, this would undermine market confidence that the Fed will keep rates high through 2H26.</li><li>The rotation of voting members at the Fed in 2026 is likely to tilt the committee toward more dovish policymakers, who place greater emphasis on employment than inflation, outnumbering hawkish members.</li></ul>

As the Sahm Rule moves closer to recession-signal territory and potential divisions within the Fed become more visible ahead of the first FOMC meeting of 2026, selling pressure on the Dollar Index (DXY) is likely as US yields lose appeal, supporting baht appreciation.If divisions emerge in the first policy vote of 2026 following the rotation of voting members, this would undermine market confidence that the Fed will keep rates high through 2H26.The rotation of voting members at the Fed in 2026 is likely to tilt the committee toward more dovish policymakers, who place greater emphasis on employment than inflation, outnumbering hawkish members.

KTX Ahead: Watch The Stance Of Newly Rotating Fed Members At The First FOMC Meeting Of 2026

Thailand

Wha Industrial Development Public Company Limited operates as a real estate developer. The Company provides industrial estates, utilities, power, and property solutions. Wha Industrial Development serves customers in Thailand.

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Wha Industrial Development (HEMRAJ TB)

Krungthai XSpring Zoom Eng. January 29, 2026

The Fed kept rates unchanged but delivered unclear signals, which could temporarily weigh on fund flows. We view the Fed’s restrained messaging as...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 28, 2026

The SET Index is expected to move sideways to sideways-up today, with resistance at 1,340/1,355 and support at 1,330/1,312.

Krungthai XSpring

Krungthai XSpring Technical Eng. January 27, 2026

The SET came under pressure from uncertainty over 4Q25 earnings, a fourth consecutive day of foreign selling, and rising Middle East tensions

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

KTX Ahead: Watch The Stance Of Newly Rotating Fed Members At The First FOMC Meeting Of 2026

If divisions emerge in the first policy vote of 2026 following the rotation of voting members, this would undermine market confidence that the Fed...

Krungthai XSpring

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