CGSI expects SET to swing in 1,560-1,580 range, recommends PTTEP and CK

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Summary · why it matters

CGSI, or CGS International (Thailand), estimates that the SET Index will swing within a range of 1,560-1,580 points, with the market still pressured by the surge in oil prices amid tensions in the Middle East, which could raise inflation risks and affect the direction of global interest rates. Meanwhile, the decline in technology and chipmaker stocks in the US market over negative developments concerning OpenAI continues to weigh on the investment atmosphere for risk assets in the short term. Under these volatile market conditions, CGSI recommends stocks that benefit from the environment, namely PTT Exploration and Production Public Company Limited, or PTTEP, assessing that geopolitical risks in the Middle East are likely to keep Brent crude prices elevated and steady through the fourth quarter of 2026, even though crude oil exports through the Strait of Hormuz had already recovered in September. It also recommends CH. Karnchang Public Company Limited, or CK, expecting third-quarter 2026 net profit of 1.078 billion baht, a recovery of 35% from the previous quarter but a decline of 38% from the same period a year earlier, and expects a clear replenishment of large project backlog in 2027 rather than within this year. For the overall overseas market on October 8, the Dow Jones closed slightly higher by 51.77 points, or 0.10%, at 51,231.64 points, while the S&P500 and Nasdaq closed down 0.47% and 1.25% respectively. November-delivery WTI crude oil futures jumped 3.64% to close at 91.49 dollars per barrel, and December-delivery Brent crude futures jumped 4.07% to close at 104.28 dollars per barrel.

Impact on assets 2

Industrials▲
CH. Karnchang PCL
CK
▲ PositiveCapitalrelevance

CGSI recommends CK, expecting Q3 2026 net profit of 1.078 billion baht, a 35% QoQ recovery, and a clear large-project backlog replenishment in 2027.

Energy▲

Off-coverage companies 1

OpenAIi
Private▼ NegativeTechnologyrelevance

Negative developments concerning OpenAI weighed on US technology and chipmaker stocks, dampening risk-asset sentiment.