PATTAYA, Thailand – Thai equities have seen strong momentum in recent weeks, with banking and energy stocks emerging as the two most active and closely watched sectors in the market, posting continued gains throughout the first half of 2026. Investors have shown heightened interest in both sectors as share prices climb steadily, supported by earnings strength, dividend yields, and sector-specific growth drivers. A closer look at the banking sector shows significant year-to-date gains across major listed lenders. Bangkok-listed banks such as BAY, KKP, CREDIT, KTB, TTB, KBANK, TCAP, BBL, SCB, and TISCO have all recorded positive returns, with some outperforming the broader market by a wide margin. Krungsri (BAY) led the group with a year-to-date gain of over 73%, followed by KKP at more than 52% and Thai Credit Bank (CREDIT) at over 43%. Large commercial banks such as KTB, KBANK, and BBL also posted solid double-digit gains, supported by strong fundamentals and steady dividend payouts. However, analysts noted that several bank stocks now trade close to or above consensus target prices, limiting further upside in some cases.
In the energy and power segment, listed companies also delivered strong performance, driven by improving sentiment in refining margins, renewable expansion, and infrastructure-linked growth.
GUNKUL surged more than 127% year-to-date, making it one of the top performers in the sector, while IRPC gained over 85% and WHAUP climbed more than 66%. Major energy names such as GULF, TOP, BCP, SPRC, GPSC, BGRIM, and RATCH also posted strong gains, supported by expectations of long-term energy demand and investment in digital and data center infrastructure.
Despite the rally, analysts highlighted that several energy stocks now have limited upside to consensus target prices, particularly where valuations have already stretched following recent price surges. However, some names still show potential upside depending on future fuel costs, refinery margins, and project execution. Additional energy giants PTTEP and PTT also contributed to the sector’s performance, with year-to-date gains of 16.37% and 15.63% respectively. Overall, the Thai stock market’s first-half performance reflects strong sector rotation into financials and energy, with investors continuing to favor dividend-heavy, value-driven stocks amid improving market sentiment.
