SET Index fell 5.24 percent from a month earlier, closing at 1,448.14 points at end-March 2026, weighed down by investor concerns over the escalating U.S.-Iran tensions and the closure of the Strait of Hormuz, which triggered a sharp spike in global energy prices. Amid the broader regional selloff, the Thai stock market fared better than most major Asian markets, supported by progress in the formation of a new government, a development that is expected to enhance stability and flexibility in the country's economic policy implementation. Notably, the SET Index retained a gain of 15 percent year-to-date as of end-March 2026.
SET Senior Executive Vice President and Chief Strategy & Finance Officer (CSFO) Soraphol Tulayasathien stated that even though Thailand, as a net oil importer, faced a significant exposure to oil price volatility, with net imports of oil and natural gas accounting for 6 percent of GDP and 58 percent of total energy imports sourced from the Middle East, the SET Index has largely priced in the energy crisis impact. Analysts’ forward earnings estimates suggest that certain securities may have fallen below levels justified by fundamentals. While risk assets have corrected substantially in response to energy crisis concerns, multiple uncertainties remain, warranting close monitoring as they could further weigh on asset prices.
On the policy front, the Cabinet approved in principle seven urgent measures to mitigate the impact of rising oil prices. In addition, the government led by Prime Minister Anutin Charnvirakul is set to deliver its policy statement to Parliament on April 9-10, 2026.
Key highlights for March 2026
- The SET Index ended March at 1,448.14 points, down 5.24 percent from the end of February 2026, in line with regional peers, amid the unrest in the Middle East. However, the benchmark index retained a gain of 15 percent year-to-date.
- Industry groups that outpaced the SET Index on a year-to-date basis were Technology, Industrials, and Resources.
- The combined SET and Market for Alternative Investment (mai) average daily trading value surged 95.69 percent year-on-year to THB 75.32 billion (approx. USD 2.29 billion). For the first quarter of 2026, the total average daily trading value rose 52 percent from a year earlier to THB 65.11 billion.
- Foreign investors recorded a net sale of THB 39.75 billion in March 2026. However, they remained net buyers of THB 19.15 billion for the January-to-March period.
- Foreign investors continued to dominate trading activity at 53.85 percent of total trading value, followed by retail investors at 32.17 percent. Local institutional investors and proprietary trading by securities companies represented 7.36 percent and 6.62 percent, respectively.
- SET’s forward P/E ratio at the end of March 2026 was 14.96 times, above the Asian stock market average of 12.67 times. The historical P/E ratio stood at 16.40 times, on par with the Asian stock market average of 16.36 times.
- SET’s dividend yield at end of March 2026 was 4.25 percent, higher than the Asian stock market average of 2.94 percent.
Derivatives Market for March 2026
- Thailand Futures Exchange’s (TFEX) average daily trading volume totaled 714,006 contracts, up 6.81 percent from the previous month, mainly due to the higher trading volume of SET50 Index Futures and SET50 Index Options. For the first three months, TFEX average daily trading volume rose 47.47 percent from the average daily trading volume of 2025 to 613,979 contracts.
