The Thai stock market showed resilience in December 2025, driven by stock valuations below regional averages, attractive dividend yields, investor demand for Thai ESG funds to capture tax benefits, and renewed net buying by foreign investors. However, sentiment encountered headwinds from multiple concerns, such as parliament dissolution, baht strength pressuring the export and tourism sectors, and Thailand's anticipated economic slowdown in 2026. The SET Index closed December 2025 at 1,259.67 points, up 0.2 percent from the previous month but down 10.0 percent from year-end 2024.
SET Senior Executive Vice President Soraphol Tulayasathien stated that the Thai bourse in December benefited from capital inflows into ASEAN markets following the Fed's rate cut and the U.S. dollar weakness. However, the broader 2025 context revealed that Thailand's policy rate remained relatively low compared to regional peers, suggesting limited policy space. This has contributed to foreign capital outflows from both equities and short-term bonds. The SET Index declined, weighed by both domestic and external factors, making valuations more attractive. As a result, many Thai listed companies launched share buyback programs to manage liquidity and bolster investor confidence. Against this backdrop of low interest rates, high-dividend stocks present an attractive alternative for long-term investors, with the Total Return Index (TRI)—particularly the SETHD TRI—serving as a key indicator that reflects cumulative returns from reinvested dividends over time.
Key highlights for December and full-year 2025
- The SET Index closed at 1,259.67 points, up 0.2 percent from the previous month but down 10.0 percent from year-end 2024. In 2025, the industry groups that outperformed the SET Index were Technology and Financials.
- The combined SET and Market for Alternative Investment (mai) average daily trading value dropped 22.7 percent YoY to THB 31.47 billion (approx. USD 998.19 million). The 2025 average daily trading value amounted to THB 41.41 billion.
- Foreign investors bought a net THB 6.20 billion, reducing their cumulative net selling position in 2025 to THB 107.10 billion.
- Foreign investors continued to dominate trading activity, representing 54.08 percent of total trading value, followed by local retail investors at 28.98 percent, local institutional investors at 10.67 percent, and securities companies at 6.27 percent.
- There was a newly listed company on mai: NTF Intergroup (Thailand) pcl (NTF).
- SET’s forward P/E ratio at end-December 2025 stood at 13.9 times, lower than the Asian stock market average of 15.1 times. The historical P/E ratio was at 13.5 times, well below the Asian stock market average of 16.9 times.
- SET’s dividend yield at end-December 2025 was 4.04 percent, notably higher than the Asian stock market average of 2.85 percent.
Derivatives Market
- At the end of December 2025, Thailand Futures Exchange (TFEX)’s daily trading volume reached 430,800 contracts, up 30.9 percent from the previous month, mainly due to the increases in SET50 Index Futures and Currency Futures. The 2025 average daily trading volume totaled 416,352 contracts, down 13.9 percent from 2024, mainly due to the declines in Single Stock Futures and SET50 Index Futures.
