The Stock Exchange of Thailand (SET) views the fundamentals of Thai stocks as strong, with listed companies' profits growing 22.2% in the first six months, supporting a 26.6% year-to-date increase in the SET index.

The Stock Exchange of Thailand (SET) revealed that the Thai stock market in August 2026 faced pressure from Middle Eastern tensions and US bond yields, resulting in the SET closing at 1,595.16 points, down 1.8% from the previous month. Foreign investors were net sellers of 24,681 million baht, but for the first eight months of the year, they were net buyers of 51,183 million baht. Fundamentals remain strong, with listed companies' first-half profits growing by 22.2%, supporting a 26.6% year-to-date increase in the SET.

September 8, 2569 – Mr. Chatchai Thissadadoldilok CFA, FRM, Assistant Manager and Head of Research at the Stock Exchange of Thailand, revealed that at the end of August 2569, the SET Index closed at 1,595.16 points, down 1.8% from the previous month, but still up 26.6% compared to the end of 2568.

The Thai stock market faced pressure from the escalating situation in the Middle East, which caused crude oil prices to rise close to $90 per barrel. This was compounded by volatility in the US bond market due to public debt and fiscal deficit issues, as well as developments following the Jackson Hole conference, which led to higher US bond yields and a stronger dollar.

These factors have impacted capital flows in emerging markets, including the Thai stock market. In August, foreign investors were net sellers of Thai stocks by $746 million, but continued to be net buyers cumulatively by $1.6 billion since the beginning of the year.

Although the Thai stock market consolidated and faced pressure from external factors in August, domestic fundamentals still show supportive signs. Economically, while Q2 2569 GDP growth slowed, the full-year GDP forecast has been revised upwards.

While private sector investment continues to expand at a high level, aligning with the upward trend in capital expenditure (capex) of listed companies, reflecting a clearer momentum for investment, the performance of listed companies remains strong.

Net profit in the first six months increased by 22.2% year-on-year. Continuous upward revisions to earnings per share (EPS) estimates are a key factor contributing to the SET Index's outstanding year-to-date returns compared to many other markets, while market drivers are becoming more diversified across multiple industry sectors.

Thai stock market situation in August 2569

• At the end of August, the SET Index closed at 1,595.16 points, down 1.8% from the previous month, but still up 26.6% from the end of 2568.
• In August 2569, the industrial commodities, agriculture and food industry, and resources sectors outperformed other sectors. Since the beginning of the year, the industrial commodities and resources sectors have consistently outperformed the overall market.
• In August 2026, the average daily trading value of the SET and mai combined was 75,050 million baht, an increase of 48.1% from the same period of the previous year. This resulted in an average daily trading value for the first eight months of 2026 of 69,913 million baht, an increase of 62.6% from the same period of the previous year.
• Foreign investors were net sellers of 24,681 million baht in August 2026. However, in the first eight months of 2026, foreign investors were still net buyers of 51,183 million baht.
• Foreign investors accounted for the highest proportion of trading value at 55.3% of the total trading value, followed by domestic retail investors at 30.8%, and domestic institutional investors and securities firms in nearly equal proportions at 6.9% each.
• In August 2026, one new company was listed and traded on the mai market: Phatra Group Public Company Limited (PHAT).
• The forward P/E ratio of the Stock Exchange of Thailand at the end of August 2569 is 14.3 times, higher than the average of Asian stock markets which is 13.2 times. The historical P/E ratio is 15.1 times, higher than the average of Asian stock markets which is 14.5 times.
• The dividend yield of the stock market at the end of August 2569 was 4.3%, higher than the average of Asian stock markets which was 2.8%.

Futures Market (TFEX) Situation in August 2569

• The average daily trading volume in August was 463,401 contracts, a decrease of 17.7% from the previous month, mainly due to a decline in SET50 Index Futures and Single Stock Futures. However, for the first eight months of 2026, the total average daily trading volume is 542,985 contracts, an increase of 29.5% compared to the same period last year.

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