On Thursday, July 2, 2026, Mr. Asadej Kongsiri, President of the Stock Exchange of Thailand (SET), discussed with ‘Kaohoon’ and stated that the Thai stock market recorded a sharp upswing in the first half of the year, driven by a nearly 30% climb in the benchmark index and a 50% surge in liquidity compared to the previous year.
Market Performance and Key Drivers
Thai equities ranked among the world’s top performers in recent months. The SET Index rose by almost 30%, while average daily trading values reached around THB 65 billion—up by half from a year earlier. The stock exchange cited that following the general election in February, foreign fund inflows surged to almost THB 60 billion at their peak, before settling in a range of THB 23 to 25 billion amid shifts in global markets and geopolitical risks such as the U.S.-Iran conflicts.
The central factor behind the rally was a renewed sense of political stability. Both domestic and overseas investors responded favorably to a new government expected to pursue sustained economic growth and implement infrastructure projects, improving economic growth expectations beyond previous conservative forecasts.
Regulatory Adjustments and Market Development
In response to evolving economic conditions, the SET is advancing a three-pronged strategy focused on regulatory adaptation, market transparency, and global outreach. The market is revising its listing criteria to attract companies defined in the ‘New Economy’ sector and those with Board of Investment (BOI) backing, aiming to revitalize initial public offering activity after just one IPO in the first half of the year.
These revised rules include changes to requirements for market capitalization and profitability history, shortening the track record threshold for eligible firms from three to two years in some cases. The SET, working closely with the BOI, is encouraging high-growth companies with investment promotion to seek local listings, providing tax benefits and streamlining procedures. This strategy is also designed to boost local ownership and mitigate vulnerability to global trade disruptions.
Market Liquidity and Investor Diversity
The SET is maintaining equilibrium between short-term traders, who provide vital liquidity, and long-term investors focused on stable returns. Mr. Asadej has emphasized the importance of sustaining robust liquidity, as large institutional investors require consistent trading volume to participate without inducing excessive volatility.
Focus on CG and Transparency
Restoring trust in the market is a priority for the SET. Internal statistics point to a clear decline in fraudulent activity and suspicious reporting among listed firms. The volume of misconduct filings to the Securities and Exchange Commission has dropped, while the exchange has ramped up preventive governance by increasing disclosure requirements from audit committees and warning investors of irregular financial reports.
Additionally, the SET is working directly with company boards, underscoring the obligation of directors to represent the interests of all shareholders and moving away from a culture of board positions as mere status symbols.
Global Promotion and Future Outlook
To further internationalize the market, the SET has stepped up foreign outreach. Recent investor roadshows in London and Hong Kong generated renewed foreign investment in several major Thai stocks. The upcoming ‘Thailand Focus 2026’ event in August will include participation from regional ASEAN exchanges, aiming to enhance Thailand’s appeal to overseas investors.
Permanent long-term investment vehicles for Thais, like the TISA initiative, are also being developed to replace expiring schemes, giving investors more flexibility and reducing the risk of market disruptions from mass fund redemptions. Meanwhile, Mr. Asadej noted that the stock market would play a supporting role as the government leads the scheme.
Looking ahead, the SET plans to roll out details for ‘New Economy’ IPOs and BOI-linked incentives in the third quarter. The ‘Thailand Focus’ event in August and the potential resurgence of IPO activity by year-end round out the exchange’s agenda for supporting continued market growth.
