Thai Stock Market Surges 26% in First Half of 2025
Thailand's stock market surged 26% in the first half of 2025, driven by improved domestic economic fundamentals, increased foreign investor buying, and rising corporate earnings forecasts. The SET Index approached 1,600 points as average da
Thailand's stock market demonstrated clear recovery signals in June 2025 across all metrics—the index, liquidity, and foreign capital inflows—as domestic economic factors improved. The SET Index gained over 26% in the first half of the year, with market EPS surpassing 100 baht per share. The Stock Exchange of Thailand (SET) reiterated that accurate and rapid information disclosure is crucial to maintaining confidence.
The SET reported that the overall Thai stock market improved significantly in June 2025, supported by strong returns, improved liquidity, and foreign investor buying. As domestic economic fundamentals began signaling recovery, the SET Index approached 1,600 points and delivered approximately 26% returns from the start of the year.
Chatrchai Tisadoldilok, assistant manager and head of research at the Stock Exchange of Thailand, noted that June marked a period of strengthened capital market performance. Average daily trading value on the SET and mai markets reached 74,436 million baht, a 87.7% increase compared to the same period last year and the highest level in the first half of 2025.
For the first six months of the year, average daily trading value stood at 65,931 million baht, up 57.5% year-over-year, with six trading days exceeding 100,000 million baht in value, reflecting renewed investment activity.
"June saw improvements across returns, liquidity, and foreign investment flows, with the SET Index approaching 1,600 points and gaining approximately 26% since year-start," Chatrchai said.
Foreign investors returned to buying, with net purchases of 6,906 million baht on the SET and mai in June, bringing first-half net buying to approximately 27,000 million baht. Foreign investors accounted for 53.3% of trading value in June, followed by domestic retail investors at 31.7%, domestic institutional investors at 7.4%, and securities firms at 7.7%.
Chatrchai attributed part of the foreign capital return to easing geopolitical tensions, particularly progress on Middle East peace agreements that lowered oil prices and reduced inflation concerns. However, the market must monitor fragility in peace agreements, U.S. Federal Reserve interest rate direction, and volatility from technology and artificial intelligence sector adjustments in global markets.
Thailand's improving economy supported the market, with the Bank of Thailand raising its 2025 growth forecast to 2.3% from 2%, driven by export momentum, lower-than-expected Middle East conflict impacts, and government stimulus measures. International rating agencies including Moody's and S&P Global Ratings maintained stable outlooks for Thailand's creditworthiness.
Analysts began adjusting upward earnings forecasts for multiple business sectors, with market-wide earnings per share (EPS) recently climbing above 100 baht per share.
