Thai power stocks rally: GULF, GPSC lead with 2% gains as PDP watched

Six power stocks rise in the morning, led by GULF and GPSC

In the Thai stock market morning session on July 2, 2026, the power sector stood out, led by GULF and GPSC. Brokers said lower oil prices and bond yields provided support, while the market began to anticipate the government's upcoming Power Development Plan (PDP), which could give large companies new project-bidding opportunities and support medium- to long-term business growth.

• All 6 power stocks rose in the morning, with GULF up 2.44% and GPSC up 2.27%.
• Falling crude oil prices reduce energy cost pressure for power companies, creating positive sentiment.
• Investors are positioning ahead of the new PDP, expected to be announced soon, which may bring another round of project bids and favor large operators.
• Lower bond yields are also supportive because they help reduce funding costs, improve the attractiveness of equities, and draw money back into the market.

Market performance (2 Jul 2026)

On the morning of July 2, 2026, the Thai stock market showed strong power-sector performance. Key stocks were: GULF up 2.44% at THB 63.00; GPSC up 2.27% at THB 45.00; BGRIM up 1.18% at THB 17.10; GUNKUL up 0.94% at THB 4.30; EGCO up 0.84% at THB 120.00; and TPIPP up 0.57% at THB 1.76.

Analyst view: lower oil and bond yields, PDP becomes the focus

A fundamental analyst said the power sector stood out on multiple tailwinds, especially the continued decline in oil prices from earlier trades. That helps ease energy-cost pressure and creates a positive backdrop for utilities, even though the baht remains weak.

At the same time, bond yields also moved lower. Since power businesses have long-term cash-flow characteristics, they often benefit when rates are trending down: funding costs fall, equity valuations become more attractive versus other assets, and buying returns to the sector.

Beyond external factors, the domestic driver is progress on the new PDP, with the government expected to release details soon.

Investors have already started positioning early because the PDP will shape the country's future energy-investment direction and open bidding opportunities for multiple power-generation types, including renewables and gas-fired generation. Analysts say large power operators may benefit more from the new PDP because they have stronger finances, greater investment capacity, and more experience developing and operating large projects, so they are more likely to win new bids and drive future capacity and revenue growth, prompting the market to assign a more positive weighting to large caps.

Under the buy strategy, the key picks are GULF with a target price of THB 70 and GPSC with a target price of THB 55.30. Investors are advised to closely follow the details of the new PDP, including capacity mix, fuel types, and bidding conditions for new projects, as these will determine each company's future growth opportunities and fundamental value. The power sector may continue to attract funds because it combines relatively stable cash-flow defensive qualities with growth opportunities from future project investment.