Thai Stock Market Dips 2.6% in October, Gains 20.6% YTD
Thailand's SET Index fell 2.6% in October to 1,518.59 points as technology stocks corrected, but remains up 20.6% for the year. Foreign investors net sold 6.7 billion baht during the month yet have bought 18.2 billion baht year-to-date. The Bank of Thailand upgraded its 2026 GDP forecast to 2.4%, while high-dividend banking, energy, and ESG stocks showed resilience amid volatility.
The Stock Exchange of Thailand revealed the SET Index ended October at 1,518.59 points, declining 2.6% from the previous month as technology stocks corrected. Despite this, the market has gained 20.6% since the start of the year. Chatree Tisadildilok, CFA, FRM, Assistant Managing Director and Head of Research at SET, noted that while tech shares weighed on the index, high-dividend banking and energy stocks along with ESG equities weathered volatility well. Domestic fundamentals remain supportive: the Bank of Thailand raised its 2026 GDP growth forecast to 2.4%, driven by exports and investment expansion, particularly in technology and AI industries, aligning with a sharp rise in BOI investment applications over the first nine months. An updated Manufacturing Production Index also provides broader coverage of new industrial activity.
Key factors to watch include Q3 listed company earnings, tourism recovery during high season, US inflation and Federal Reserve rate policy, geopolitical risks, and US fiscal and trade policy direction after the midterm elections.
At end-October 2026, the SET Index stood at 1,518.59 points, down 2.6% month-on-month but up 20.6% year-to-date. Resources and financials led monthly returns, while industrials, resources, and financials outperformed year-to-date. Combined average daily turnover on SET and mai reached 66.39 billion baht in October, up 68.2% year-on-year, with the 10-month average at 69.605 billion baht, up 63.2%. Foreign investors net sold 6.671 billion baht in October but remain net buyers of 18.185 billion baht year-to-date, accounting for 58.7% of total trading value. Two new listings debuted in October: Thai Industrial Packaging (TIPAK) on SET and Quick Transformation (QUICK) on mai. The market's forward P/E ratio stood at 13.3x, above the Asian average.
