SET Index closed May 2026 at 1,568.37 points, its best level in two years and nine months, extending gains of 5 percent on the month and 24.5 percent from the end of 2025, in line with the broader regional stock markets. The rally was propelled by declining global crude oil prices, easing geopolitical tensions, and a surge in digital infrastructure investment, a theme that continues to drive global stock markets. However, inflationary pressures and monetary policy directions of major central banks remain key factors dictating global financial market outlook.
The Stock Exchange of Thailand (SET) Senior Executive Vice President and Chief Strategy & Finance Officer (CSFO) Soraphol Tulayasathien stated that risk assets broadly recovered in May as tensions in the Middle East showed signs of de-escalation. The Thai bourse stood out as one of the top performers in 2026, underpinned by sound fundamentals. Thailand's first quarter GDP expanded 2.8 percent year-on-year, accelerating from 2.5 percent in the prior quarter, driven by robust total investment and export growth. Adding to the positive momentum, Thai listed companies delivered strong first quarter earnings, with both revenue and operating profit on the rise, pushing net profit up 25.3 percent from a year earlier. The impressive results have prompted analysts to upgrade earnings forecasts across multiple sectors, particularly oil-related and commodity sectors.
Key highlights for May 2026
- SET Index ended May at 1,568.37 points, a two-year and nine-month high, up 5 percent from the previous month and 24.5 percent from the end of 2025.
- Industry groups that outpaced the SET Index on a year-to-date basis were Technology and Industrials.
- The combined SET and Market for Alternative Investment (mai) average daily trading value surged 53.4 percent year-on-year to THB 66.48 billion (approx. USD 2.04 billion). For the first five months of 2026, the total average daily trading value rose 51.9 percent from a year earlier to THB 64.20 billion.
- Foreign investors turned net buyers of THB 3.37 billion in May 2026, bringing their year-to-date net inflow to THB 20 billion for January to May 2026.
- Foreign investors accounted for the largest share of trading activity at 52.8 percent of total trading value, followed by retail investors at 32.6 percent, with local institutional investors and proprietary trading by securities companies rounding out the remainder at 7.2 percent and 7.4 percent, respectively.
- SET’s forward P/E ratio at the end of May 2026 was 15.9 times, above the Asian stock market average of 13.3 times. The historical P/E ratio stood at 16.4 times, below the Asian stock market average of 17.4 times.
- SET’s dividend yield at the end of May 2026 was 4.3 percent, higher than the Asian stock market average of 2.9 percent.
Derivatives Market for May 2026
- Thailand Futures Exchange’s (TFEX) average daily trading volume totaled 435,227 contracts, up 13.3 percent from the previous month, primarily driven by the higher trading volume of Single Stock Futures and Currency Futures. For the first five months of 2026, TFEX average daily trading volume rose 22.7 percent from a year before to 537,079 contracts.
