Thai equities face near-term headwinds from elevated oil prices (Brent above $95/bbl) and global bond yields hitting 16-year highs, amid stagflation concerns. The SET is expected to trade 1,575–1,600 points. Despite broader risk-asset weakness, energy stocks (PTTEP, KKP) and high-yield dividend plays are recommended as defensive positions. Foreign investors returned as net buyers after 6 consecutive days of selling.