Stock Exchange of Thailand

A precursor Bangkok Stock Exchange (which is not related to SET) was established in July 1962 as a private entity. It did not attract a lot of attention and finally ceased operations in the early 1970s.{{cite web |url=https://www.set.or.th/en/about/overview/history_p1.html |title=The Stock Exchange of Thailand – About SET – SET Overview |publisher=Set.or.th |date= |accessdate=2022-04-12 |archive-date=8 March 2022 |archive-url=https://web.archive.org/web/20220308062346/https://www.set.or.th/en/about/overview/history_p1.html |url-status=live }}

In 1972, the Thai government took a step in creating a capital market. The changes extended government control and regulation over the operations of finance and securities companies, which until then had operated fairly freely. By 1975, the basic legislative framework was in place and on 30 April 1975, the Securities Exchange of Thailand officially started trading. On 1 January 1991 the name was formally changed to the Stock Exchange of Thailand (SET).{{cite web|title=History & Roles|url=http://www.set.or.th/en/about/overview/history_p1.html|website=Stock Exchange of Thailand (SET)|access-date=24 July 2020|archive-date=13 July 2020|archive-url=https://web.archive.org/web/20200713190508/https://www.set.or.th/en/about/overview/history_p1.html|url-status=live}}

Thailand Futures Exchange (TFEX), a subsidiary of the Stock Exchange of Thailand (SET), was established on 17 May 2004 as a derivatives exchange. On 28 April 2006 SET50 Index Futures was launched as the first product. Single Stock Futures was first launched on 24 November 2008. Derivative warrant was launched on 9 July 2009.{{cite web |url=https://www.tfex.co.th/en/about/glance.html |title=Thailand Futures Exchange – About TFEX – At a Glance |publisher=TFEX |date= |accessdate=2022-04-12 |archive-date=9 May 2022 |archive-url=https://web.archive.org/web/20220509112054/https://www.tfex.co.th/en/about/glance.html |url-status=live }}{{cite web |url=https://www.set.or.th/th/about/annual/annual_p1.html |title=ตลาดหลักทรัพย์แห่งประเทศไทย – เกี่ยวกับตลาดหลักทรัพย์ฯ – รายงานประจำปี |publisher=Set.or.th |date= |accessdate=2022-04-12 |archive-date=3 December 2021 |archive-url=https://web.archive.org/web/20211203105454/https://www.set.or.th/th/about/annual/annual_p1.html |url-status=live }}

In 2008, the Securities and Exchange Commission, Thailand together with the central bank allowed domestic individual investors to invest abroad directly for the first time through a Thai brokerage. Previously, only institutions could invest overseas.{{cite web |url=https://www.sec.or.th/EN/Documents/AnnualReport/pb_ar_2008.pdf |title=2008 annual report |publisher=Sec.or.th |date= |accessdate=2022-05-19 |archive-date=5 January 2024 |archive-url=https://web.archive.org/web/20240105173505/https://www.sec.or.th/EN/Documents/AnnualReport/pb_ar_2008.pdf |url-status=live }}

SET began fully computerized trading in April 1991.

Trading through mobile device began in 2010 with the launch of settrade streaming for iPhone.

Algorithmic trading value has climbed to about half of total trading value.{{cite web

|title=Trading Statistics

|url=https://www.set.or.th/en/market/statistics/market-statistics/trading-statistics

|website=Stock Exchange of Thailand (SET)

|access-date=2025-05-29

}}

The dominance of sophisticated algorithms might disadvantage retail investors or smaller players who cannot compete technologically, potentially leading to perceptions of an uneven playing field.

{{see also|Block trade}}

The system enables brokers to display their buying or selling interests by posting bid or offer prices. Members may engage in direct negotiations with one another, either on behalf of clients or for their own accounts. During these negotiations, prices can be adjusted, meaning the final execution price may differ from the initially advertised price and may not adhere to standard price spread rules. Once a transaction is completed, dealers are required to submit the trade details for official recording.

The exchange has implemented measures to reduce market volatility. It limits daily stock price movements to within ±30%. At a period of heightened volatility, daily price movements are further reduced to ±15%. Short-selling is temporarily permitted only at prices above the last traded price.{{cite web |author=Eustance Huang |url=https://www.cnbc.com/2020/04/15/thai-stock-exchange-president-volatility-has-reduced-significantly.html |title=Thai stock exchange president: Volatility has 'reduced significantly' |publisher=Cnbc.com |date=15 April 2020 |accessdate=2022-04-12 |archive-date=4 April 2022 |archive-url=https://web.archive.org/web/20220404093844/https://www.cnbc.com/2020/04/15/thai-stock-exchange-president-volatility-has-reduced-significantly.html |url-status=live }}

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

{{table alignment}}

The SET index experienced a 7-year downtrend from a peak of 1,852.51 in 2018 to 1,056.41 (intraday) on 8 April 2025, a decline of 796.10 points or 42.97%. This low happens when several other stock markets in the world (practically all advanced economies plus India) are traded at high valuation such as the US, India, Switzerland, Canada, Australia, New Zealand and several European nations (Sweden, Belgium, France, the UK and Germany). Bitcoin is also at its historic high of above $100,000.

In the 2020 stock market crash, the SET index dropped below 900 intraday but rebounded rapidly.

The peak of the SET Index was 924.70 in November 2007 before the subprime crisis.

SET50 and SET100 are two indices featuring the top 50 and 100 companies by market capitalization and liquidity. They help investors identify leading blue-chip companies.

In the first day of trading, there were 8 listed companies and 5 of them still remain: BBL, BJC, DUSIT, SCC, and TCAP.

Today, a large portion of cross-border investment is passive, flowing in or out based on index inclusion, particularly MSCI.

This means MSCI rebalancing dates now tend to have higher volatility and volume in Thai stocks.

ADVANC AOT BDMS BH CPALL CPAXT CPF CPN DELTA GULF HMPRO KBANK KTB MINT OR PTT PTTEP SCB SCC TRUE TTB

deletions: BEM, CRC, KTC

There are 105 DR as of 22 May 2025:{{cite web

|title=DR - ภาพรวม

|url=https://www.settrade.com/th/equities/dr/overview

|website=Settrade

|publisher=Settrade.com

|access-date=2025-04-21

|language=th

}}

1. E1VFVN3001 which tracks VN30 Index

2. BABA80

3. FUEVFVND01

4. TENCENT80

5. NDX01 which tracks Nasdaq-100

6. STAR5001

7. XIAOMI80

8. BYDCOM80

9. AAPL80X

10.TSLA80X

11.CNTECH01

12.PINGAN80

Since 6 May 2025, DR with underlying European and US stocks or indices can be traded in night session (7:00 PM – 3:00 AM).

CHINA is an ETF which tracks CSI 300 Index. So far it is the only ETF which invests overseas.

As of 30 May 2025, index-level EPS of the SET index is 73.15; EPS of mai is 3.91.{{cite web | url=https://www.set.or.th/th/market/product/stock/overview | title=สรุปภาพรวมตลาด - ตลาดหลักทรัพย์แห่งประเทศไทย }}

{{cite web

| title = ภาพรวมตลาดหลักทรัพย์

| url = https://www.settrade.com/th/equities/market-summary/overview

| website = Settrade

| publisher = Settrade.com

| language = th

| access-date = 18 May 2025

}}

Index-level book value of the SET index is 1,087.06. The ROE of the SET Index is approximately 6.71%.

The SET index has declined 37.97% (as of 30 May 2025) from its high in 2018.

The index’s earnings per share (EPS)—a core driver of long-term stock market performance—has barely increased for over a decade.{{cite web

| title = [Highlight] เปิดเหตุผล ทำไมต่างชาติ ไม่กลับหุ้นไทย

| url = https://www.youtube.com/watch?v=JV1UkwMg8sI

| website = YouTube

| publisher = Money Chat Thailand

| date = 2025-03-24

| access-date = 2025-04-21

}}

Despite the current 7-year downtrend, the SET index is fairy valued in terms of its current P/E ratio compared to 20-year average. Additionally, its P/E ratio remains higher than Asian average. China, South Korea, Indonesia, the Philippines, Turkey as well as Latin America have lower P/E ratio.

{{cite web

|title=Overview of the Thai Capital Market in April 2025

|url=https://media.set.or.th/common/research/1507.pdf

|publisher=The Stock Exchange of Thailand

|date=2025-05-14

|access-date=2025-05-31

}}

The Thai stock market's valuation profile — fair P/E, higher dividend yield, and low P/B — suggests low growth prospects.

The SET index has tumbled more than 16% this year, making it the world's worst performer among 92 indices tracked by Bloomberg.

Bloomberg News. "World's Biggest Stock Rout Deepens as Thai Market Rescue Falters." Bloomberg, March 17, 2025. https://www.bloomberg.com/news/articles/2025-03-17/world-s-biggest-stock-rout-deepens-as-thai-market-rescue-falters

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

{{cite news

| title = World's biggest stock rout deepens as Thai market rescue falters

| url = https://www.bangkokpost.com/business/general/2981611/worlds-biggest-stock-rout-deepens-as-thai-market-rescue-falters

| newspaper = Bangkok Post

| date = 28 May 2025

| access-date = 29 May 2025

}}

Foreign investors have continued to divest from Thai stocks, contributing to the index's underperformance. As of 30 May 2025, foreign investors have recorded net sales of Thai equities totaling 70,738.88 million baht year-to-date.The Stock Exchange of Thailand. "Market statistics – Investor type." Settrade. Accessed May 29, 2025. https://www.settrade.com/th/equities/market-data/historical-report/investor-type?market=SET

Since the SET index hit its low on April 8, 2025, most of the rebound has been driven by a single stock—DELTA.

Thailand’s transition to a new economy—encompassing technology, innovation, and high-value industries—has lagged behind. Since early 2010s, economic growth has been sluggish, hindered by this slow structural shift, increased competition from other countries, technological disruptions, and an aging population.

From the second half of 2010s, the stock market has revealed several warning signs: declining market breadth, an unexpected rise of certain sectors such as electric utilities and hospital. Telecom and banking outperformed the SET index until recently.

While the number of stock listings has risen considerably, many of these have been legacy firms or spin-offs from existing listed companies, rather than dynamic new entrants. Mergers and acquisitions have been prevalent, reflecting limited opportunities. Although some new companies have entered the market, they are typically small and have contributed little to the broader movement of the SET index. In recent years, the exchange has seen very few sizable newly listed companies that have performed well, and it has become increasingly difficult to find such companies to list on the exchange.

• ASEAN Exchanges
• List of ASEAN stock exchanges by market capitalization
• ตลาดหลักทรัพย์ไลฟ์เอ๊กซ์เช้นจ์

{{Reflist}}{{SET Index 50}}

{{SET Index 100}}

{{Thailand topics}}

{{Stock exchanges top 25}}

{{World Federation of Exchanges}}

{{Authority control}}

Category:Economy of Thailand

Category:Buildings and structures in Bangkok

Category:Stock exchanges in Thailand

Category:Financial services companies established in 1975

Category:1975 establishments in Thailand

Category:Companies based in Bangkok

Category:Stock exchanges in Southeast Asia