Stock Exchange of Thailand Market Insights and Trends

The Stock Exchange of Thailand (SET) is the primary stock exchange in Thailand, with a history dating back to 1975. It was established to provide a platform for investors to buy and sell securities.

The SET has a market capitalization of over 20 trillion baht, making it one of the largest stock exchanges in Southeast Asia. This significant market size attracts both local and international investors.

The SET is home to over 700 listed companies, including some of Thailand's largest conglomerates. These companies operate in various sectors, such as finance, manufacturing, and services.

The Stock Exchange of Thailand (SET) has seen some interesting fluctuations in the market. Over the past week, the high price has been 1,300.05, a decrease of 6.44 from the previous week.

One notable trend is the significant increase in the low price over the past month, rising by 41.06 to 1,252.55.

Here's a summary of the market data for different time periods:

In the past year, the high price has been 1,506.82, a decrease of 213.21 from the previous year.

The stock market in Thailand, as reflected in the SET, has been experiencing some fluctuations in recent periods.

Over the past 1 week, the market high was at 1,300.05, a decrease of 6.44 from the previous period.

The low point for the same period was 1,270.86, a significant increase of 22.75 from the previous low.

The average price for the week was 1,284.50, an increase of 9.11 from the previous average.

Here's a breakdown of the market data for the past 1 week:

The market high for the 1 month period was at 1,312.46, a decrease of 18.85 from the previous period.

The low point for the same period was 1,252.55, an increase of 41.06 from the previous low.

The average price for the month was 1,284.83, an increase of 8.78 from the previous average.

Over the past 3 months, the market has seen significant changes, with the low point increasing by 186.04 from the previous low.

The value of foreign holdings of Thai shares as of August 2023 was a whopping USD 168.05 billion, or THB 5.87 trillion.

This significant increase was mainly driven by price increases in some stocks and IPO stocks in new listings.

Thai listed companies have managed to post record foreign revenue, suggesting that their foreign direct investment provides a buffer against economic headwinds.

In 2021, Thai listed companies delivered record foreign income, giving them a significant boost to income in the time of a burgeoning economy.

Foreign holdings of Thai stock market hit a record high, indicating a strong interest from international investors in the Thai market.

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The Stock Exchange of Thailand (SET) has a rich history that dates back to 1972 when the Thai government took steps to create a capital market.

In 1975, the Securities Exchange of Thailand officially started trading, marking a significant milestone in the country's financial development.

The basic legislative framework was in place by 1975, providing a solid foundation for the exchange to grow.

Additional reading: Employment Protection Act 1975

On 1 January 1991, the name was formally changed to the Stock Exchange of Thailand (SET), reflecting its growth and maturity.

The exchange began fully computerized trading in April 1991, streamlining operations and improving efficiency.

In 2004, Thailand Futures Exchange (TFEX), a subsidiary of SET, was established as a derivatives exchange.

The first product, SET50 Index Futures, was launched on 28 April 2006, providing investors with a new way to trade.

Single Stock Futures was first launched on 24 November 2008, expanding the range of investment options available.

Derivative warrant was launched on 9 July 2009, further increasing the variety of financial products.

Trading through mobile devices began in 2010 with the launch of settrade streaming for iPhone, making it easier for investors to stay connected.

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The Stock Exchange of Thailand (SET) has implemented measures to reduce market volatility, including limiting daily stock price movements to within ±30%. This means that prices can fluctuate, but not excessively.

The exchange has also introduced a system that enables brokers to display their buying or selling interests by posting bid or offer prices. Members can engage in direct negotiations with each other, either on behalf of clients or for their own accounts.

Dealers are required to submit trade details for official recording after a transaction is completed. This ensures transparency and accountability in the trading process.

The SET has a list of 119 DRs (Derivatives) as of June 11, 2025. Here are some examples of these derivatives:

The SET index is the most commonly used benchmark for Thai stocks, and its intraday all-time high was 1,852.51 on 27 February 2018. This milestone surpassed the previous high of 1,789.16 on 5 January 1994.

The SET50 and SET100 indices feature the top 50 and 100 companies by market capitalization and liquidity, making it easier for investors to identify leading blue-chip companies.

These indices provide valuable insights for investors looking to make informed decisions about their investments in the Thai stock market.

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The Stock Exchange of Thailand has a total of 8 listed companies, which have remained unchanged since their first day of trading. These companies are BBL, BJC, DUSIT, SCC, and TCAP.

MSCI rebalancing dates have a significant impact on the volatility and volume of Thai stocks. This is because a large portion of cross-border investment is passive, flowing in or out based on index inclusion, particularly MSCI.

The number of Thai listed companies in the MSCI Global Standard Index has been steadily decreasing over the years. In 2019, there were 40 companies, which increased to 42 in 2020 and remained the same in 2021 and 2022.

Here's a breakdown of the number of Thai listed companies in the MSCI Global Standard Index over the years:

In May 2025, the number of Thai listed companies in the MSCI Global Standard Index is expected to decrease to 21.

The SET index's current earnings per share (EPS) is 73.81, a number that's barely budged over the past decade.

As of June 2025, the index's EPS is significantly higher than the 3.88 EPS of the mai, another Thai stock exchange.

The SET index's book value is a substantial 1,058.15, a fact that underscores the importance of considering multiple metrics when evaluating a stock market.

Despite a 7-year downtrend, the SET index's current P/E ratio of 15.3 is slightly below its rolling 20-year average of 15.67.

If the P/E ratio were to drop to 13.06, which is 1 standard deviation below the 20-year average, it could be seen as a sign of a valuation reset.

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The Stock Exchange of Thailand has had its ups and downs in recent years. Historically, the SET experienced significant growth in the 2000s and early 2010s.

However, the SET index has underperformed relative to regional peers such as Vietnam and Indonesia in more recent years. It has tumbled more than 16% this year, making it the world's worst performer among 92 indices tracked by Bloomberg.

Foreign investors have been selling Thai stocks, contributing to the index's underperformance. As of 30 May 2025, foreign investors have recorded net sales of Thai equities totaling 71,605.93 million baht year-to-date.

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The SET index has taken a hit, tumbling over 16% this year, making it the world's worst performer among 92 indices tracked by Bloomberg.

Historically, the SET experienced significant growth in the 2000s and early 2010s, but has underperformed relative to regional peers such as Vietnam and Indonesia in more recent years.

Foreign investors have been selling off Thai stocks, with net sales of Thai equities totaling 71,605.93 million baht year-to-date as of 30 May 2025.

Goldman Sachs downgraded Thai stocks in November 2024, citing poor economic growth and high valuations.

This trend of foreign investors divesting from Thai stocks has contributed significantly to the index's underperformance.

Thai listed companies have shown remarkable resilience in the face of global economic challenges, particularly during the COVID-19 pandemic.

In 2021, Thai listed companies delivered record foreign income, demonstrating the importance of foreign direct investment in their financial stability.

This achievement is a testament to the companies' ability to adapt and thrive in a rapidly changing economic landscape.

The value of foreign holdings of Thai shares, which reached a record high of USD 168.05 billion in August 2023, also suggests that foreign investors have confidence in the Thai market.

This confidence is likely driven by the potential for growth and stability offered by Thai listed companies, which have been able to generate significant revenue from foreign sources despite economic headwinds.

The Stock Exchange of Thailand has faced some significant challenges in recent years. From 2013 to 2024, the country's average growth rate was a relatively low 1.9%, trailing behind its neighbors Malaysia, Indonesia, and Vietnam.

The country's transition to a new economy, driven by technology, innovation, and high-value industries, has been slow to take off. This is reflected in the stock market, where certain sectors such as electric utilities and hospitals have seen unexpected rises.

Declining market breadth is another warning sign that has emerged in the second half of the 2010s. While the number of stock listings has increased, many of these are legacy firms or spin-offs from existing listed companies, rather than new dynamic entrants.

In recent years, the exchange has seen very few sizable newly listed companies that have performed well, making it increasingly difficult to find such companies to list. This has led to a lack of opportunities for mergers and acquisitions.

The market could do more to improve its products, such as faster delisting of non-performing or non-compliant companies.

If you're a foreign investor looking to trade on the Stock Exchange of Thailand (SET), you'll want to check out the Handbook for Foreign Investors to trade on SET.

The SET offers a comprehensive guide for foreign investors, making it easier for them to navigate the Thai market.

This handbook provides valuable information on how to trade on the SET, including rules and regulations, listing requirements, and other essential details.

Foreign investors can access the handbook through the SET's official website or by contacting their representative office in Bangkok.

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The Stock Exchange of Thailand (SET) offers various technical analysis tools to help investors make informed decisions. The SET's technical signals are a great starting point for traders.

A Buy signal is indicated on the 5-minute, 1-hour, and 1-day charts, suggesting a strong upward trend in the market.

The SET's technical resistance levels are crucial to watch out for. There are three levels to be aware of: R1, R2, and R3.

R1 stands at 1,298.16, while R2 is at 1,304.11, and R3 is at 1,311.94. Keep an eye on these levels to identify potential selling points.

On the other hand, the technical support levels are: S1 at 1,284.38, S2 at 1,276.55, and S3 at 1,270.60. These levels can be used to identify potential buying opportunities.

Here's a summary of the SET's technical resistance and support levels: