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SET Market Report For 2019

Date 08/01/2020

The Stock Exchange of Thailand (SET) Index ended 2019 at 1,579.84 points, up 1 percent from the previous year, while the average daily trading value of SET and Market for Alternative Investment (mai) in 2019 fell 7 percent to THB 53.19 billion (USD 1.77 billion). In tandem with most ASEAN peers, foreign investors were net sellers of THB 44.79 billion worth of Thai shares in 2019, lower than a year earlier.

SET Senior Executive Vice President Soraphol Tulayasathien said that SET index in 2019 was largely weighed down by external factors in tandem with most ASEAN bourses. However, foreign investors' sell-off in Thai shares in 2019 was abated from the preceding year; and the Thai stock exchange's daily trading value hit a new record of THB 200 billion on May 28, 2019, propelled by MSCI’s increase in weighting of Thai shares.

The main bourse was crowned as the most liquid exchange in the region throughout 2019, as well as leadership in terms of initial public offering (IPO) deals, with Asset World Corporation pcl's (AWC) ipo marking the biggest fund-raising deal in the region and setting the record for the Thai stock market. As for the combined secondary public offerings (SPOs) at THB 310 billion were larger than IPO's size, becoming the main contributor to a 4.8 percent year-on-year increase in market capitalization at the end of 2019, added Soraphol.              

Key highlights for 2019

Securities market:

  • SET Index ended 2019 at 1,579.84 points, up 1 percent from end-2018. Technology, Agro & Food Industry, Resources and Services industry groups outpaced SET Index.
  • In 2019, foreign investors sold out a net THB 44.79 billion, decelerating from the previous year.
  • The average daily trading value of SET and mai in 2019 was THB 53.19 billion, down 7 percent from the same period a year earlier.
  • Forward P/E ratio of SET was 16.9 times at end-2019, while historical P/E ratio was 19.4 times, compared to the average of the Asian markets at 15.2 times and 16.2 times, respectively.
  • Dividend yield ratio of SET was 3.3 percent at end-2019, above Asian stock markets' average ratio of 2.8 percent.
  • A combined market capitalization of SET and mai at end-2019 tallied THB 16.7 trillion, up 4.8 percent from the end of 2018, due to a large company's IPO and listed firms' SPO.
  • In 2019, fund-mobilization from Thailand IPOs totaled THB 90.84 billion and SPOs amounted to THB 311.13 billion.

Derivatives market:

  • In 2019, the average derivatives trading volume was 428,368 contracts per day, up 0.5 percent from a year earlier.