TTB, along with its leading asset management companies, has assembled investment experts to analyze the direction of the global economy and capital markets in the second half of the year. They are recommending investment portfolios to create opportunities for returns amidst continued volatility.

Ms. Kanokwan Petchpisitphot, President of the Banking and Wealth Management Product Group at TTB, revealed that while many global assets continue to reach new record highs, markets still face volatility from rapidly changing economic and geopolitical factors. Therefore, in-depth information and appropriate investment strategies are needed to help investors effectively achieve their financial goals. TTB aims and is committed to creating financial security for its clients, thus focusing on offering comprehensive investment perspectives covering global economic trends, high-potential assets, and investment options suitable to each client's risk tolerance. They also select quality funds from leading asset management companies to help investors grow their wealth, diversify risk effectively in rapidly changing market conditions, and seize new growth opportunities to build long-term wealth.

Mr. Apiwat Napratansuk, Senior Vice President of Investment Strategy at TTB, believes that many stock markets reached all-time highs in the first half of the year, as TTB had predicted. Entering the second half of the year, global stock markets are poised to reach new highs, driven by the growth of the AI ??theme, which is still in its infancy. This is leading to consistently strong corporate profits. The Fed is unlikely to raise interest rates due to oil prices falling to pre-war levels, and the US political situation is expected to stabilize after the midterm elections. We recommend a Core & Satellite investment strategy, with the ES-Ultimate GA Series fund (fund risk level 5) as the core to help mitigate portfolio volatility while generating stable returns. Currently, the fund has over 30 billion baht in AUM.

Mr. Natchapol Nontisakul, Senior Manager, Product Management Division, Eastspring Asset Management (Thailand) Co., Ltd., added that the ES-Ultimate GA Series (fund risk level 5) is a good core portfolio. With strong performance, details of the past returns for ES-Ultimate GA1/2/3 funds can be found at https://www.eastspring.co.th/funds/mutual-funds or www.eastspring.co.th [Mutual Fund/ ES-Ultimate GA/ Fund Performance]. Source: Eastspring Asset Management (Thailand) as of 6 July 2026, Fund Inception = 28 January 2025.

The fund also effectively controlled its Max Drawdown during the 2025-2026 crisis, limiting losses to -4% to -8% while global stock indices plummeted by -14%. For the second half of the year, the portfolio will be driven by three main ideas: maintaining weight in the AI ??Super Cycle sector, increasing US bank stocks to capitalize on the deregulation theme, and embracing opportunities in the US construction materials industry from economic stimulus policies. "Aiming to build a portfolio resilient to volatility and with stability."

Regarding the technology perspective, Mr. Kampanat Omruk, Investment Strategist at TTB, stated, "The growth of AI is expanding to encompass the entire AI supply chain, no longer limited to Big Tech or Semiconductor stocks. It will diversify to other companies that will benefit from CAPEX investments by Hyperscalers, which exceed $600 billion annually. Companies benefiting include Micron Technology, a DRAM & HBM Memory seller, which has seen exponential profit growth amidst growing AI demand, and Sandisk, a storage company, which also shows promising revenue growth. Therefore, for the AI ??theme in the second half of the year, we recommend diversifying investments across global technology stocks and continuing to focus on stocks with strong fundamentals."

Mr. Puripat La-iadthanakit, Senior Investment Strategist at TTB, reiterated his positive outlook on investing in Asian stocks, stating, "Asian economies continue to show strong growth potential, despite the impact of the conflict in the Middle East. The AI ??Super Cycle is supporting technology exports from Asian countries, and this factor is expected to persist in the second half of the year." "Viewing AI investment as still being in its early stages,"

Mr. Bodin Phuttha-in, Assistant Managing Director of Investment Strategy at Eastspring Asset Management (Thailand) Co., Ltd., believes that "investing in the AI ??theme through funds like ES-GTECH or Eastspring Global Technology (fund risk level 7) increases the opportunity to select high-growth technology stocks, covering technology developers, infrastructure providers, and those who benefit from the practical application of AI."

Ms. Matina Wacharawarat, Head of Investment Strategy at Kasikorn Asset Management Co., Ltd., said, "Investors who want to fully ride the AI ??Super Cycle, in addition to US tech stocks, should consider diversifying their risk to investments in Asian technology stocks." "As Asia is a key manufacturing hub for the global AI industry, the K-ATECH fund (fund risk level 6) focuses on investing in leading technology companies from South Korea, Taiwan, and Japan, which directly benefit from the continuously increasing demand for AI chips, memory, and infrastructure."

Investors are advised to diversify their portfolios by increasing their investments in alternative assets. Mr. Chatuphat Trongpradit, Investment Product Specialist at TTB, recommends allocating approximately 5-10% of the portfolio to hedge funds to enhance return potential and reduce long-term volatility. This aligns with Mr. Pongsarn Yodmuangcharoen, Director of Product Management at Eastspring Asset Management (Thailand).

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Mr. Hirotaka Kuroki , Krungsri Head of Global Markets Group, said, “At Krungsri, client needs are central to everything we do. We act as a trusted partner, helping clients achieve their business objectives and grow sustainably through global market challenges. Krungsri Global Markets has continuously developed its products and services to serve clients’ needs, and our performance over the past five years demonstrates the strength of this commitment — Gains on trading and FX transactions have grown at a 16% CAGR, reflecting our ability to deliver sustained, long-term growth.”

“Success isn’t just about transaction volume. As a trusted partner, what matters most is the trust our clients place in us to help them navigate risk in an increasingly complex economic landscape,” Mr. Kuroki added.

Mr. Kuroki pointed to the challenges amid intensifying competition and volatility in global financial markets. Data from the Bank of Thailand shows that while Thailand’s import-export value has grown by more than 60% over the past decade, the volume of FX transactions for import-export purposes conducted through commercial banks grew by just 5.7% — a sign that the way businesses conduct FX transactions has changed significantly, with clients now having more options available to them. He also noted that Thai businesses are clearly shifting toward multi-currency settlements, with a sharp rise in the use of currencies other than the three major ones — the US dollar, euro, and yen — to settle import-export payments.

To address these opportunities and challenges, Krungsri Global Markets has established the following three strategic priorities for 2026: Advancing Full-Scale Digital FX: Krungsri is actively developing and extending capabilities across client digital platforms, including online FX transactions via FX@Krungsri, integration of client platforms with the Bank's FX API, market updates and insights through the Krungsri FX LINE Official Account, helping clients navigate fast-moving market conditions. Cross-Border and Multi-Currency Solutions: In line with rising demand for non-USD and local-currency settlement, Krungsri is expanding its range of supported currencies. The Bank now supports the South Korean won (KRW) and the UAE dirham (AED), and in the fourth quarter of 2025 the Bank added the Saudi riyal (SAR) to serve the growing economic and trade connectivity between Thailand and the Middle East.

Risk Management and Investment Solutions: Krungsri is delivering more tailored risk-management solutions by combining FX option structures to better match client-specific exposures and providing investment solutions that leverage MUFG capabilities. Moreover, the Bank is deploying AI and automation technology to support FX dealers and enhance execution quality. Market Outlook – Global and Thailand

Ms. Roong Sanguanruang, Krungsri Senior Vice President of Global Markets Planning Division, said that global markets have shifted focus from the Middle East conflict to the policy path of the US Federal Reserve. Although ceasefire negotiations remain fragile and may periodically weigh on risk sentiment, the Fed under Chairman Kevin Warsh aims to reform its communications by reducing forward guidance. In such an environment, asset prices are likely to experience greater volatility around major US data releases and ahead of the US midterm elections. Meanwhile, the Bank of Japan remains cautious but is expected to raise rates gradually, providing support for the yen.

On the Thai baht, Ms. Roong noted that recent depreciation reflects a surge in imports driven by energy-security considerations, resulting in a current-account deficit. Looking ahead, some support for the baht remains: global oil prices, while volatile, are trading well below recent peaks, and foreign portfolio inflows could return. Thailand's twin deficits may also gradually narrow, though the adjustment will take time. We see a case for the baht to appreciate slightly and trade within a 32–34 baht per US dollar range in the final quarter of 2026, based on our base case that the Fed keeps rates steady and Thailand's trade balance improves. The US inflation trajectory is the key risk to this view.

She added that Thailand's policy rate is expected to remain at 1.00% for several quarters as long as growth and inflation do not change materially. With cost-push inflation pressures seen as temporary, we expect the Monetary Policy Committee (MPC) to place greater weight on domestic demand conditions and macroeconomic stability than on external factors.

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