The Stock Exchange of Thailand (SET) revealed that the SET index fell 5.24% in March, pressured by the Middle East crisis and soaring oil prices.

The Thai stock market underwent a correction in March 2569, mirroring regional trends, as investors worried about the US-Iran conflict and the impact of the Strait of Hormuz closure. This drove up energy prices, pressuring risky assets globally. As a result, the SET Index closed at 1,448.14 points, down 5.24% from the previous month. However, the Stock Exchange of Thailand indicated that Thai stocks remained stronger than many other Asian markets, supported by progress in forming a new government, and projected a 15% upside by the end of 2568.

At the end of March 2569, the SET Index closed at 1,448.14 points, down 5.24% from the end of February 2569. This reflects investor concerns over the conflict between the US and Iran, as well as the impact of the closure of the Strait of Hormuz, which led to a rapid rise in global energy prices. However, the Thai stock market declined less than major Asian stock markets, supported by progress in the formation of a new government, which will increase stability and flexibility in implementing the country's economic policies. Compared to the end of 2568, the SET Index at the end of March 2569 is still up 15%.

April 10 2569 Mr. Sornpol Tulyasathien, Deputy Managing Director, Head of Corporate Strategy and Finance, Stock Exchange of Thailand. It was stated that, although Thailand, as an oil importer, is significantly affected by oil price volatility, with net oil and natural gas imports accounting for 6% of national income and 58% of total imports coming from the Middle East, the SET Index's decline has already reflected the energy crisis to some extent.

Furthermore, analysis based on analysts' future earnings estimates suggests that the prices of some securities may fall more than their fundamental value suggests, even though risky asset markets have already declined considerably due to concerns about the energy crisis.

However, several uncertainties remain that need to be monitored and may impact asset prices in the near future. Regarding government measures, the Cabinet has approved seven urgent measures to mitigate the impact of rising oil prices. Furthermore, the government under Prime Minister Anutin Charnvirakul is scheduled to present its policy statement to Parliament on April 9-10, 2026.

Thai stock market situation in March 2569

• At the end of March 2569, the SET Index closed at 1,448.14 points, down 5.24% from the end of February 2569. This mirrored regional trends due to unrest in the Middle East. However, the SET Index at the end of March 2569 would still be up 15% from the end of 2568.
• Industry groups that are expected to outperform the SET Index compared to the end of 2568 include technology, industrial products, and resources.
• The average daily trading value of the SET and mai in March 2026 was 75,322 million baht, an increase of 95.69% from the same period of the previous year. This resulted in an average daily trading value of 65,109 million baht in the first quarter of 2026, an increase of 52% from the same period of the previous year.
• Foreign investors were net sellers of 39,754 million baht in March 2569. However, from the beginning of the year until the end of March 2569, foreign investors remained net buyers with a cumulative total of 19,152 million baht.
• Foreign investors continue to account for the highest proportion of trading value at 53.85% of the total trading value, followed by domestic retail investors at 32.17%, domestic institutional investors at 7.36%, and securities firms at 6.62%.
• The forward P/E ratio of the Stock Exchange of Thailand as of the end of March 2569 was 14.96 times, higher than the average of Asian stock markets which was 12.67 times. The historical P/E ratio was 16.40 times, close to the average of Asian stock markets which was 16.36 times.
• The dividend yield of the stock market at the end of March 2569 was 4.25%, higher than the average of Asian stock markets which was 2.94%.

Futures Exchange of Thailand (TFEX) market conditions for March 2569.

• In March 2026, the average daily trading volume was 714,006 contracts, a 6.81% increase from the previous month, primarily driven by the increase in SET50 Index Futures and SET50 Index Options. As a result, the total average daily trading volume for the first three months of 2026 reached 613,979 contracts, a 47.47% increase compared to the average daily trading volume of 2025.

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