Summary · why it matters
Asia Plus Securities Company Limited recommends that investors increase their cash allocation to 30-40% of their portfolio to cushion against volatility, after government bond yields around the world rose, pressuring equity market valuations and reducing the appeal of risk assets. Over the past month, 10-year bond yields globally rose by roughly 0.20-1.50% amid the energy crisis, inflation, fiscal risks, and a global bond selloff. This came alongside the US central bank's rate hike at its September 2026 meeting, with the market still expecting a further 0.25% increase at the remaining meetings this year. As a result, the dollar index strengthened and pressured many major currencies to weaken by about 1-2.5%. In the Thai stock market, foreign investors were net sellers of about 771 million dollars, with additional pressure from the flood situation. Meanwhile, the yield spread between the Thai stock market and bonds stands at about 3.7%, below the 10-year historical average and down from 5.3% in early 2026. Sectors benefiting from a weaker baht include hospitals BH, BDMS, BCH, and PR9; tourism AOT and CENTEL; and exporters TU, ITC, and CPF.
Bangkok Chain Hospital Public Company Limited
Bumrungrad Hospital PCL
Praram 9 Hospital Public Company Limited
Charoen Pokphand Foods Public Company Limited
i-Tail Corp. PCL
Thai Union Group PCL
Airports Of Thailand PCL
