FROM BROAD RALLY TO SELECTIVE ROTATION

Thai equities rebounded strongly this week, with the SET Index climbing to a two-month high by midweek, erasing the losses from a recent selloff that was driven by political uncertainty.

- BUALUANG SECURITIES

This week's rally was driven by optimism over US-Thailand trade talks, which gained traction at midweek, and by strong performances from key large-cap stocks. DELTA led the charge, with AOT and GULF adding fuel to the rebound, helping the index reclaim the key 1,200-point level.

Momentum has shifted from fear to risk-on, with rising trading turnover and a return of fund flows into key index movers.

After breaking past the 1,200 mark, the Thai market now enters rotation mode.

While the overall tone remains constructive, the rally is likely to become more selective and less aggressive.