The Thai stock market started the year on solid footing, rising 5.2 percent from the end of 2025 to close at 1,325.62 points at the end of January 2026, underpinned by both domestic and international factors. Foreign capital inflows returned with net buying for the second consecutive month, while value stocks regained investor interest amid global market volatility. Looking at the broader picture, AI advancements and government stimulus policies are expected to propel global economic growth in 2026. However, stretched valuations of U.S. technology stocks, coupled with geopolitical tensions and concerns about diminishing Federal Reserve (Fed) independence, prompted capital migration from the U.S. to other regions.

SET Senior Executive Vice President Soraphol Tulayasathien noted that on the domestic front, Thai listed companies recorded an all-time high combined dividend payments and share buybacks in 2025. Notably, the SETHD Total Return Index (SETHD TRI), which measures the performance of the top 30 SET-listed companies with high dividend yields, delivered a total return of 11.32 percent in 2025. The Thai stock market in January 2026 benefited from an election rally, with historical data showing that the SET Index has typically posted positive returns during the one-month periods both pre- and post-elections. Additionally, the absence of Long-Term Equity Fund (LTF) redemption spree that the market experienced at the start of previous years combined with foreign investors' net buying of Thai stocks for the second consecutive month also bolstered the market.

Key highlights for January 2026

• The SET Index closed at 1,325.62 points, up 5.2 percent from the 2025 year-end, moving in line with most regional peers. In January, the industry groups that outperformed the SET Index were Technology, Industrials and Resources.
• The combined SET and Market for Alternative Investment (mai) average daily trading value surged 19.2 percent YoY to THB 46.50 billion (approx. USD 1.48 billion).
• Foreign investors recorded net buying of THB 4.35 billion. Combined with the previous month's net buying, total foreign inflows reached THB 10.55 billion, marking the first two consecutive months of their net buying since July 2023. 
• Foreign investors continued to dominate trading activity, representing 53.37 percent of total trading value, followed by local retail investors at 29.63 percent, local institutional investors at 10.56 percent, and securities companies at 6.44 percent.
• There were no new listings on SET or mai.
• SET’s forward P/E ratio at the end of January 2026 stood at 14.7 times, lower than the Asian stock market average of 16.0 times. The historical P/E ratio was at 14.2 times, well below the Asian stock market average of 18.2 times.
• SET’s dividend yield at end-January 2026 was 3.82 percent, higher than the Asian stock market average of 2.72 percent.

Derivatives Market for January 2026

• Thailand Futures Exchange’s (TFEX) daily trading volume reached 454,455 contracts, up 5.5 percent from the previous month, mainly due to the increases in Gold Online Futures and Silver Online Futures.