Thai Stock Market Surges 5.2% in January, Boosted by Election Momentum

The SET Index closed at 1,325.62 points in January 2024, up 5.2% from the previous month, supported by both domestic and international factors. Foreign capital flows have returned, buying net shares for the second consecutive month, while value stocks are gaining more attention amid global market fluctuations. The global economic growth in 2024 is expected to be supported by AI and government stimulus policies. However, US technology stocks have relatively high valuations, combined with geopolitical tensions and concerns about the potential reduced independence of the US Federal Reserve, leading to signs of capital movement away from the US to other regions. Sorpon Tulayasathien, Deputy Managing Director of Corporate and Financial Strategy at the Stock Exchange of Thailand, revealed that Thai listed companies have achieved record-high dividend payments and share buybacks in 2025. The high-dividend stock group (SETHD) delivered a total return of 11.32% in 2025, with the January 2024 market benefiting from an Election Rally. Key market highlights include an average daily trading value of 46,496 million baht, foreign investors buying a net 4,345 million baht, and the market's forward P/E ratio at 14.7 times - lower than the Asian market average of 16.0 times.