Finansia Syrus sees SET sideways-down, picks BBL, DELTA, STA as October top stocks

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Kanthara Ladawan Na Ayudhya, an executive director at Finansia Syrus Securities Public Company Limited, or FSS, said the overall Thai stock market still faces short-term pressure, with the SET Index likely to move in a sideways-down pattern after falling more than 35 points earlier, and this is not yet the moment to aggressively add to positions. Key support sits at 1,561 points, while resistance is at 1,612-1,620 points. Over the longer term, the firm still targets the index above 1,700 points next year if a major positive catalyst emerges. External factors to watch include crude oil prices holding high around 102 dollars per barrel, which would add pressure on inflation and interest rates, as well as bond yields that may stay elevated for a prolonged period. The market prices only about a 25% chance that the Fed will raise rates at its October 2026 meeting, but as high as roughly 80% for the December 2026 meeting. On foreign fund flows, slight positive signals have emerged after foreign investors flipped back to long futures positions following seven consecutive days of short positions. For investment strategy, FSS recommends a wait-and-see approach and a focus on stock-specific selection. Its top picks for October are BBL, DELTA and STA, while PTTEP benefits from high oil prices. FSS sets a fundamental value of 290 baht for DELTA and 166 baht for PTTEP.

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FSS names BBL as one of its top stock picks for October.

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