BLS forecasts bourse trade at 1,280-1,300 points in Q4

The Stock Exchange of Thailand (SET) is projected to trade in a range of 1,280 to 1,300 points in the fourth quarter this year, supported by a modest corporate earnings recovery but capped by lingering political risks, says Bualuang Securities (BLS).

- NUNTAWUN POLKUAMDEE

The brokerage set a 2026 SET index target of 1,440 points, citing a global economic rebound, but advised investors to diversify their portfolios into overseas equities to mitigate domestic uncertainty.

Chaiyaporn Nompitakcharoen, managing director for the non-institutional broking group at BLS, said listed companies’ earnings per share are anticipated at 8990 baht in 2025 before rising to 9697 baht next year.

Thai equities could benefit from clearer signs of global trade recovery and stronger cross-border transactions.

However, the biggest risk remains domestic politics, particularly the outcome of the March 2026 elections and the composition of the new cabinet, he said.

“Political risk is crucial next year,” Mr Chaiyaporn said. “It depends on whether the cabinet lineup gains public acceptance. A key structural issue is household debt. If this can be resolved, banks will be more willing to extend credit, and economic mechanisms will function more normally.”

BLS supports the continuation of the “Khon La Khrueng” co-payment programme because it has proven effective in increasing liquidity across the economy.