Bangkok: The Stock Exchange of Thailand (SET) reported a significant rise in its index for January 2026, closing at 1,325.62 points, marking a 5.2% increase from the end of the previous year. This growth was primarily fueled by foreign investors who were net buyers for the second consecutive month, driven by the Election Rally and capital outflows from the United States.
According to Thai News Agency, Mr. Sornpol Tulyasathien, Deputy Managing Director and Head of Corporate Strategy and Finance at the Stock Exchange of Thailand, highlighted the influence of both domestic and international factors on the market's performance. The resurgence of net foreign buying, coupled with the renewed interest in value stocks amid global market volatility, played a crucial role in this upward trend. Global economic projections for 2026 are optimistic, bolstered by advancements in artificial intelligence and government stimulus policies. However, high valuations of US technology stocks, along with geopolitical tensions and concerns over the US Federal Reserve's independence, have triggered capital outflows from the US, redirecting investments to other regions.
Domestically, Thai listed companies are anticipated to set records in dividend payouts and share repurchases in 2025, with the SETHD expected to yield a total return of 11.32% in that year. The Thai stock market is also poised to benefit from an Election Rally in January 2026, supported by historical data indicating positive returns on the SET Index around election periods. Furthermore, a lack of selling pressure on long-term equity funds compared to the previous year, alongside continued net buying by foreign investors, has contributed to the market's robust performance.
The market conditions in January 2026 saw the SET Index closing at 1,325.62 points, reflecting a 5.2% increase from the end of 2025. This growth parallels trends in regional stock markets, with sectors such as technology, industrial products, and resources outperforming the SET Index. The combined average daily trading value of the SET and mai surged to 46,496 million baht, marking a 19.2% increase from the same month in the previous year.
Foreign investors were net buyers to the tune of 4,345 million baht in January, bringing the total net purchases over two months to 10,547 million baht, a milestone not achieved since July 2023. They accounted for the highest proportion of trading value at 53.37%, followed by domestic retail investors at 29.63%, domestic institutional investors at 10.56%, and securities firms at 6.44%.
In January 2026, the SET and mai saw no new company listings. The forward P/E ratio of the SET was 14.7 times, lower than the Asian markets' average of 16.0 times, while the historical P/E ratio stood at 14.2 times, below the Asian average of 18.2 times. The stock market's dividend yield was 3.82%, surpassing the Asian markets' average yield of 2.72%.
In the Futures Exchange of Thailand (TFEX), the average daily trading volume rose to 454,455 contracts, a 5.5% increase from the previous month, largely driven by Gold Online Futures and Silver Online Futures.