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SET Market Report For March 2020

Date 08/04/2020

The Stock Exchange of Thailand (SET) Index ended March at 1,125.86 points, down 16 percent from the previous month, while the average daily trading value of SET and Market for Alternative Investment (mai) in the month surged 34.8 percent from the 2019 average to THB 71.71 billion (approx. USD 2.24 billion). Foreign investors pulled out a net THB 78.36 billion worth of Thai shares, trending in the same direction as other Asian markets.

SET Senior Executive Vice President Soraphol Tulayasathien said that the escalation of COVID-19 spread dealt a bigger blow in March to the Thai stock exchange, similar to other markets across the world. However, the SET Index dropped at a slower pace than most ASEAN markets as many businesses, particularly telecommunication service providers, consumer products and foods, as well as retails and medical services, have managed to adapt well to cope with the situation. As a result, these industry groups’ indices declined less than SET Index. In the upcoming periods, in addition to the efficiency in curbing the COVID-19 spread, investors should focus on other factors concerning geopolitical tensions that affect oil price, business adaptation to cater to the changing lifestyle and demand volume in domestic market, including the fiscal and monetary policy to shore up the economy.       

Key highlights for March

Securities market:

  • SET Index closed at 1,125.86 points at end-March, down 28.7 percent from end-2019 and 16 percent from the preceding month. Technology, Consumer Products, Agro & Food Industry, and Services industry groups declined at a slower pace than SET Index.
  • In March, foreign investors cashed out a net THB 78.36 billion.
  • The average daily trading value of SET and mai in March was THB 71.71 billion, a 34.8 percent jump from the average in 2019.
  • Forward P/E ratio of SET was 13.4 times at the end of March, while historical P/E ratio was 13.0 times, above the average of the Asian markets at 11.3 times and 12.8 times, respectively.
  • Dividend yield ratio of SET was 4.5 percent at end-March, above Asian stock markets' average ratio of 3.6 percent.
  • The combined market capitalization of SET and mai at end-March amounted to THB 12.3 trillion, down 27.7 percent from end-2019.
  • In Q1/2020, the fundraising via initial public offering (IPO) stood at THB 56.13 billion, while the secondary public offering (SPO) amounted to THB 67.59 billion.

Derivatives market:

  • In March, the average derivatives trading volume was 754,133 contracts per day, soaring 40 percent from the previous month.