SET market report for October 2025

The Thai stock market extended gains for second consecutive month in October 2025, buoyed by multiple catalysts including expectations of government stimulus measures targeting domestic consumption and tourism, better-than-expected banking sector earnings, stronger-than-estimated export figures and tourist arrivals, and upward revisions to listed companies' net profit forecasts for 2025. Driven by these favorable conditions, the Stock Exchange of Thailand (SET) Index rose 2.8 percent from the previous month to close at 1,309.50 points at the end of October. The upward momentum gained additional support in late October as U.S.-China trade tensions eased following the APEC meeting in South Korea and the Federal Reserve (Fed) decided to trim interest rates by 25 basis points to a range of 3.75-4.00 percent in a bid to buffer against economic risks. However, analysts maintained a cautious note on long-term global economic prospects, citing uncertainties around shifting trade and monetary policies, technology-related risks and inflated AI stock valuations, and elevated public debt levels.

Wednesday 5 November 2025 14:55
SET market report for October 2025

SET Senior Executive Vice President Soraphol Tulayasathien noted that government initiatives targeting at directly benefit citizens had delivered quick wins with measurable economic impact, effectively boosting broad-based incomes nationwide. In addition, last month's export and tourism performance exceeded analysts' projections, prompting upward revisions to profit estimates for Thai listed companies across various industries. Historical trading patterns also suggest that net selling by Long-Term Equity Funds (LTF) unit holders typically eases during each year's final two months while tax-saving Thailand ESG Funds (ThaiESG) attract stronger inflows.

Key highlights for October 2025

- At the end of October 2025, the SET Index increased 2.8 percent MoM to close at 1,309.50 points, narrowing the YTD decrease to 6.5 percent. Compared to the end of 2024, industry groups that outperformed the SET Index were Technology and Financials.
- SET's and Market for Alternative Investment (mai)'s average daily trading value dropped 27.9 percent YoY to THB 39.47 billion (approx. USD 1.22 billion), with a YTD average daily trading value of THB 42.66 billion.
- Foreign investors sold a net THB 4.50 billion, with THB 100.74 billion in net selling for the January-October period of 2025.
- Foreign investors continued to dominate trading activity, accounting for 51.81 percent of total trading value, followed by local individuals at 31.80 percent, local institutional investors at 9.77 percent, and proprietary trading at 6.62 percent.
- There were three newly listed companies on SET, namely Masstec Link pcl (MASTEC), Atlas Energy pcl (ATLAS), and Onsen Retreat and Spa Group pcl (ONSENS), and two newly listed companies on mai, namely Indigy pcl (IDG) and 88(Thailand) pcl (88TH).
- SET's forward P/E ratio at the end of October 2025 was 12.2 times, below the Asian stock markets' average of 14.6 times. The historical P/E ratio stood at 16.7 times, lower than the Asian stock markets' average of 17.0 times.
- Dividend yield ratio at the end of October 2025 was 3.76 percent, higher than the Asian stock markets' average of 2.96 percent.

Derivatives Market

- At the end of October 2025, Thailand Futures Exchange (TFEX)'s daily trading volume averaged 406,504 contracts, down 11.1 percent from the previous month largely due to the lower trading volume of Single Stock Futures and SET50 Index Futures. The YTD average daily trading volume in 2025 was 422,081 contracts, down 12.8 percent year-on-year mainly due to the decline in trading volume of Single Stock Futures and SET50 Index Futures.