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The Thai SET Index fell 3.3% in June 2024, with foreign investors selling THB 116 billion, but the market shows positive signs with new listings and improving macroeconomic indicators.
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Thai SET Index Performance
The Thai SET Index closed at 1,300.96 points, a 3.3% decrease from the previous month and an 8.1% decline from the end of 2023. Despite this, key industry groups such as Consumer Products, Agro & Food Industry, and Technology outperformed the index.
Positive Signs for Thai Capital Market
New listings on the SET and mai raised a combined THB 15.64 billion in the first half of 2024, indicating a robust economic outlook. The Thai capital market is showing positive signs, with promising export capacity and improving macroeconomic indicators. The enforcement of the uptick rule and changes to the lockup period for the ThaiESG fund are expected to impact market dynamics.
The Stock Exchange of Thailand (SET) Index fell by 2.13% in June 2024, driven by a decline in the Technology sector, which plummeted 5.26% due to a decrease in global semiconductor demand. The Energy sector also declined, down 3.54%, following a drop in global oil prices. On the other hand, the Financials sector gained 1.29%, supported by the Bank of Thailand’s decision to maintain its benchmark interest rate, which boosted investor confidence.
In terms of foreign investment, foreign investors were net sellers of Thai stocks, with a net sale of THB 12.4 billion. This led to a decrease in foreign holdings in the Thai stock market to 21.1% as of the end of June 2024.
The average daily trading value in June 2024 fell by 14.3% from the previous month to THB 44.4 billion, while the market capitalization of the SET Index reduced by 2.4% to THB 17.3 trillion. The dividend yield of the SET Index increased to 3.52%, making Thai stocks more attractive to income-seeking investors.
