ASPS Analysts Warn of High Volatility in Thai Stock Market Amid Technical Weakness

Key summary

Asia Plus Securities (ASPS) issued an analysis on October 22, 2026, noting that the Thai stock market remains highly volatile. The SET Index dropped to a low of 1,532 points on October 21, 2026, before recovering to close at 1,556 points. Over the past three months, the index has declined approximately 7.5% from a high of 1,657 points, forming lower highs and lower lows. ASPS advises caution against chasing higher prices and suggests using short-term rebounds to rebalance portfolios. While overall market pressure persists, specific sectors such as healthcare, power generation, and tourism are showing strength. The firm recommends focusing on 11 stocks across three themes: AI Power Bottleneck (GULF, GPSC, BGRIM), Blue Wave & Defensive Rotation (BH, BDMS, MEGA), and High Season & Government Stimulus (CENTEL, AOT, CPN, ERW, BA).