Land and Houses recommends trading 7 NVDR-accumulated stocks to cope with volatile fund flows

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Summary · why it matters

Land and Houses Securities Public Company Limited, or LHSEC, assesses that foreign capital is still flowing out of the Thai stock market, with foreign investors net selling Thai shares on the SET and mai combined by approximately 33.8 billion baht between 1 September and 7 October 2026, split into 26.3 billion baht in September and 7.46 billion baht during 1–7 October. Meanwhile, the SET Index fell from 1,595.16 points to 1,584.63 points, a decline of only 0.66%, but returns in US dollar terms were negative by about 2.0% because of the weaker baht. Pressure came from the US 10-year bond yield, which rose from 4.75% to 5.29%, or 54 basis points, and the Dollar Index, which moved from 99.43 points to 101.45 points, strengthening by about 2%. Data from the Institute of International Finance, or IIF, indicates that foreign capital flowed out of emerging markets by about 26.3 billion US dollars in September, after a net inflow of 11.4 billion US dollars the previous month. As for trading through NVDR in common stocks, there was net selling of about 17.9 billion baht in September before flipping back to net buying of about 4.58 billion baht during 1–7 October, leaving cumulative net selling at about 13.3 billion baht. From NVDR Trading data over 27 trading days, 296 securities recorded total net buying of about 19.8 billion baht, while another 487 recorded total net selling of about 33.2 billion baht. The top nine stocks receiving the strongest net buying drew combined purchases of about 16.3 billion baht, or 82.1% of total net buying among the securities with positive net buying. LHSEC therefore recommends trading seven stocks that have seen accumulated buying through NVDR against the overall foreign capital picture: KBANK, TRUE, BCP, PTTGC, CPALL, SPRC and KCE, with weight given to the continuity of buying and changes in NVDR holding status. It also warns investors to be cautious about trading, since high net buying may stem from large transactions on certain days, and bond yields and the Dollar Index remaining at high levels could limit the Thai stock market's short-term recovery prospects.

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