The Thai stock market closed February on a high note, finishing at 1,528.26 points — a gain of 15.3 percent month-on-month and 21.3 percent from the end of 2025. The rally was propelled by foreign capital inflows following a decisive domestic election outcome, which bolstered confidence in Thailand's political stability, as well as the better-than-expected fourth-quarter 2025 GDP growth. In addition, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose broad-based tariffs. In response, President Donald Trump invoked Section 122 of the Trade Act of 1974 to impose a universal tariff of 10 percent, which was subsequently raised to 15 percent. Nevertheless, the revised rate remains lower than those previously levied under the IEEPA, providing a positive impact on Thailand's export sector.
The Stock Exchange of Thailand (SET) Chief Strategy & Finance Officer Soraphol Tulayasathien said that all SET industry group indices rose in February, led by large-cap stocks which are constituents of the MSCI Thailand Index. However, the escalating and unpredictable unrest in the Middle East in late February prompted investors to adopt a risk-off stance, rotating from risk assets to safe-haven assets. While the Thai capital market could face short-term volatility, the SET Index has historically demonstrated resilience, with a strong track record of swift recovery from adverse events. To address potential market volatility, SET has measures in place and stands ready to implement them if necessary to ensure that investors have sufficient time to digest information and make well-informed investment decisions.
Key highlights for February 2026
- The SET Index wrapped up February at 1,528.26 points, rising 15.3 percent from the preceding month and 21.3 percent from the end of 2025. Industry groups that outpaced the SET Index on a year-to-date basis were Technology and Resources.
- The combined SET and Market for Alternative Investment (mai) average daily trading value surged 40.3 percent YoY to THB 73.0 billion (approx. USD 2.35 billion). For the first two months of 2026, the combined average daily trading rose 32.6 percent from a year earlier to THB 59.75 billion.
- Foreign investors registered net buying of THB 54.56 billion, marking continued net inflows since December 2025. For the first two months of 2026, foreign investors recorded cumulative net buying of THB 58.91 billion.
- Retail investors' trading value share rose to 32.79 percent, while foreign investors continued to dominate trading activity at 51.74 percent of total trading value. Local institutional investors and proprietary trading by securities companies accounted for 8.79 percent and 6.68 percent, respectively.
- SET’s forward P/E ratio at the end of February 2026 stood at 16.0 times, above the Asian stock market average of 15.1 times. The historical P/E ratio was at 17.1 times, well below the Asian stock market average of 18.6 times.
- SET’s dividend yield at end-February 2026 was 3.68 percent, higher than the Asian stock market average of 2.67 percent.
Derivatives Market for February 2026
- Thailand Futures Exchange’s (TFEX) average daily trading volume reached 668,476 contracts, up 47.1 percent from the previous month, mainly due to the higher trading volume of SET50 Index Futures and Single Stock Futures. For January-February period, TFEX average daily trading volume rose 34.9 percent from a year before to 561,456 contracts.
