Escalating tensions in the Middle East triggered brief global market turbulence as oil prices spiked to USD 70–80 per barrel. Concurrently, investors closely monitored tariff negotiations following the informal announcement of the agreement between the United States and Vietnam, the first ASEAN nation that reached a tariff reduction deal. Domestically, the Thai equity market faced additional pressure from Thailand-Cambodia border disputes and domestic political uncertainty in June after the Constitutional Court decided to accept the impeachment petition filed by a group of senators and to suspend the Prime Minister from her prime ministerial duties.
SET Senior Executive Vice President Soraphol Tulayasathien noted that historical precedents show that developed stock markets typically experience brief volatility from geopolitical conflicts or war declarations before recovering with positive gains, a pattern the Thai market mirrored in June. Analysts from major firms advised investors to maintain investment discipline and stay invested to avoid missing market upturns during swift rebounds and to benefit from strong returns that follow.
As Thailand’s GDP growth exceeded projections in the first half of 2025, driven by robust manufacturing performance and accelerated export deliveries, the Monetary Policy Committee (MPC) decided to hold the policy rate steady. In addition, the Thai ESGX funds attracted over THB 30 billion in fund inflow by the fund subscription deadline, buoying the market amid elevated volatility. SET also launched the JUMP+ program, a growth enabling platform designed to accelerate growth among Thai listed companies and strengthen investor confidence.
Key highlights for June 2025
- At the end of June 2025, the SET Index fell 5.2 percent MoM to close at 1,089.56 points, outpacing declines at most regional exchanges, with a YTD decrease of 22.2 percent.
- SET’s and Market for Alternative Investment (mai)’s average daily trading value dropped 10.8 percent YoY to THB 39.66 billion (approx. USD 1.22 billion), with a YTD average daily trading value of THB 41.86 billion, decreasing 7.5 percent YoY.
- In June 2025, there was a newly-listed company on mai: Nutrition Profess pcl (NUT).
- The Thai stock exchange’s forward P/E ratio at the end of June 2025 was 11.9 times, below the Asian stock market’s average of 12.4 times. The historical P/E ratio stood at 14.4 times, exceeding the Asian stock market’s average of 14.3 times.
- Dividend yield ratio at the end of June 2025 was 4.51 percent, higher than the Asian stock markets’ average of 3.30 percent.
Derivatives Market
- At the end of June 2025, Thailand Futures Exchange (TFEX)’s daily trading volume averaged 442,877 contracts, up 24.1 percent from the previous month largely due to the higher trading volume of Single Stock Futures and SET50 Index Futures. The YTD average daily trading volume in 2025 was 438,459 contracts, down 9.4 percent due to the decline in trading volume of Single Stock Futures and Gold Online Futures.
