BLS predicts investment trends

Bualuang Securities (BLS) expects Thailand's economy to stage a gradual recovery in 2026, supported by rising foreign direct investment (FDI), a firmer tourism rebound, and improving export momentum in the latter half of the year.

- BOONSONG LIPIMAS

Chaiyaporn: Benefits from FDI boost

The brokerage believes the Stock Exchange of Thailand (SET) index for 2026 will hit 1,440 points, advising investors to balance highand low-risk assets amid persistent volatility, while GDP growth is estimated at 1.6%.

As for this year, the bourse is projected to end 2025 at 1,280-1,300 points, said Chaiyaporn Nompitakcharoen, managing director for sales and trading business at BLS.

The Thai stock market fell more than 8% from January to Nov 12, touching a five-year low of 1,056 points in April. He attributed the downturn to a combination of domestic and international pressures, including weak economic conditions, the highest household debt levels in four years, subdued consumption, political uncertainty, worries over potential US retaliatory tariffs, and heightened geopolitical risks.

Entering the final stretch of 2025, BLS expects the SET index to remain range-bound, weighed by uncertainty surrounding US tariff measures on Thai exports. The SET's price-earnings ratio is about 14.5 times, above the regional average of 13 times, signalling valuation constraints.