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The Thai stock market experienced a sustained downturn, with trading volumes contracting markedly in late March following President Donald Trump’s series of tariffs and policy changes which have raised significant concerns about Thailand's export prospects. Additionally, the earthquake in Thailand on March 28, 2025 prompted the Stock Exchange of Thailand (SET) to announce the suspension of all trading activities for the afternoon session across SET, Market for Alternative Investment (mai), and Thailand Future Exchange (TFEX). However, historical precedents of natural disasters, such as the 2004 tsunami and the 2011 floods, suggest that the impact of the earthquake on investment and economic sentiment is likely to be temporary, with rapid recovery anticipated.
SET Senior Executive Vice President Soraphol Tulayasathien stated that while investors were unsettled by perceived repercussions of the earthquake on the debt repayment capability of listed firms across several sectors, including transportation, real property, insurance and construction services, their robust financial ratios suggest substantial resilience against these headwinds. Further, the Thai stock market is now trading at attractive valuations, with the rising trend of share buybacks among listed companies reinforcing investor confidence, while downside volatility of value stocks is limited.
Key highlights for March
- At the end of March 2025, the SET Index declined 3.8 percent MoM to close at 1,158.09 points, trailing behind most regional exchanges, with a YTD decrease of 17.3 percent.
- Compared to the end of 2024, industry groups that outperformed the SET Index were Financials, Resources, Consumer Products, Agro & Food Industry, and Property & Construction.
- SET’s and Market for Alternative Investment (mai)’s average daily trading value declined 10.0 percent YoY to THB 38.49 billion (approx. USD 1.14 billion). On a quarterly basis, the average daily trading value decreased 6.3 percent YoY to THB 42.83 billion. Foreign investors were net sellers of THB 21.85 billion, bringing their net selling position to THB 39.98 billion in the first quarter of 2025.
- On April 8, 2025, SET Index closed at 1,074.59 points, down 4.50 percent with a total trading value of THB 66.71 billion, reflecting the pressures triggered by concerns over the U.S. reciprocal tariffs taking effect on April 9, 2025. Since President Donald Trump's "Liberation Day" announcement, the Thai stock market has dropped 8.4 percent which is in line with its regional peers.
- The Thai stock exchange’s forward P/E ratio at the end of March 2025 was 12.2 times, above the Asian stock market’s average of 11.4 times. The historical P/E ratio stood at 15.2 times, exceeding the Asian stock market’s average of 13.9 times.
- Dividend yield ratio at the end of March 2025 was 4.24 percent, higher than the Asian stock markets’ average of 3.34 percent.
Derivatives Market
- Thailand Futures Exchange (TFEX)’s daily trading volume in March 2025 averaged 519,619 contracts, up 7.1 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 463,656 contracts, down 4.2%, mainly due to the decline in trading volume of Single Stock Futures and Gold Online Futures.
