The Stock Exchange of Thailand (SET) is one of Southeast Asia’s largest and most active markets, serving as a central platform for equity and bond trading in the country. 

Established in 1975, the SET has grown to host hundreds of listed companies across diverse sectors including energy, finance, consumer goods, and technology. 

Its performance is closely watched as a barometer of the Thailand economy, reflecting both domestic trends and global market influences.

The exchange has introduced a wide range of financial instruments, from common stocks to derivatives, to attract both local and foreign investors. 

As Thailand strengthens its role in regional trade and investment, the SET provides opportunities for capital raising and portfolio diversification. 

Its operations are supervised by the Securities and Exchange Commission of Thailand, ensuring transparency, compliance, and investor protection in line with international standards.

In recent years, the SET has pursued digitalisation and sustainability as part of its long-term strategy. Initiatives in green finance, ESG reporting, and fintech integration aim to modernise the market and align it with global best practices. 

These efforts position the exchange not only as a financial hub for Thailand trade and investment, but also as a key player in ASEAN’s push toward deeper economic integration.

Structure and operations

This section provides a broad overview of the structure and operations of the Thai stock exchange.

Market segments

The Stock Exchange of Thailand is organised into several market segments. 

The Main Board is designated for large firms, while the Market for Alternative Investment (mai) serves growth-oriented small to medium-sized companies. 

The LiVE Exchange (LiVEx) was established to accommodate small enterprises, startups, and SMEs. 

The SET group also operates additional platforms including the Bond Electronic Exchange for debt instruments and the Thailand Futures Exchange for derivatives.

Listing requirements

Listing requirements vary across the markets. 

The Main Board applies the strictest criteria, requiring a paid-up capital of around THB 300 million, shareholders’ equity of about THB 800 million, and net profits of THB 125 million over the past two to three years with at least THB 75 million in the latest year. 

The mai has lighter thresholds, accepting companies with paid-up capital from THB 50 million and more flexible conditions on profitability and operating history. 

The LiVEx provides the most relaxed framework, with reduced capital requirements, limited or no track record obligations in some cases, and lenient rules on free float and shareholder distribution to encourage early-stage listings.

Types of securities

The exchange offers a broad range of securities including ordinary and preferred shares, government and corporate bonds, exchange-traded funds, real estate investment trusts and other property or infrastructure trusts, derivatives traded through TFEX, warrants, and investment units. 

This variety supports both capital raising and diversified investment strategies.

Trading hours and settlement

Trading takes place on all business days from Monday to Friday, excluding public holidays. 

The daily schedule is divided into two sessions, from 10:00 to 12:30 in the morning and from 14:00 to 16:30 in the afternoon, with pre-opening and pre-closing periods on both sides and a midday break. 

Settlement follows a T+2 cycle, meaning transactions are finalised two business days after the trade date.

Key statistics

These key data points provide a broad overview of the Thailand Stock Exchange.

Market capitalisation

As of August 2025, the Stock Exchange of Thailand’s total market capitalisation stood at THB 15.6 trillion (US$490 billion). 

This figure reflects the combined market value of all listed firms and positions the exchange among the largest in ASEAN.

Number of listed companies

The exchange reported 634 listed companies as of August 2025, covering a wide range of sectors in the Thailand economy, including energy, finance, consumer goods, and technology.

Average daily trading value

Daily average trading value in August 2025 reached THB 49.9 billion (US$1.57 billion), demonstrating strong liquidity and active participation by both institutional and retail investors.

Major listed companies and sectors

These are the key sectors and companies on the Stock Exchange of Thailand.

Banks and financials

The SET is dominated by large commercial banks and financial institutions, including Bangkok Bank, Siam Commercial Bank, and Kasikornbank. 

These firms are central to the Thailand economy and consistently rank among the largest companies by market capitalisation.

Commodities and energy

Energy companies such as PTT and Banpu, along with commodity producers in oil, gas, and coal, play a leading role in the Thailand stock market. 

Their performance closely tracks global commodity cycles, making them influential in overall index movement.

Consumer goods and services

Household names like CP All, Thai Beverage, and Central Group drive growth in retail, food, and consumer services. 

These firms reflect domestic consumption trends and strengthen Thailand trade in regional markets.

Sectoral breakdown

The exchange also features major players in manufacturing, technology, and mining. 

Energy and industrial stocks dominate market capitalisation, while manufacturing and tech firms are becoming increasingly important as Thailand seeks to diversify its growth drivers. 

This broad sectoral spread ensures investors have exposure to both traditional strengths and emerging industries within the Thailand economy.

Foreign investment and access

Foreign investors can open accounts with Thai SET-member brokers to trade Thai securities. 

Non-residents may also use international banks or global custodians in partnership with local brokers.

Thai law imposes foreign shareholding limits in many SET-listed companies, typically 49% of issued capital. 

Certain sectors, especially banking and finance, have tighter limits (often about 25%). 

To work around these caps SET offers “Foreign Shares” (suffix “-F”) which carry full voting and dividend rights, and Non-Voting Depository Receipts (NVDRs, suffix “-R”) which give economic rights (e.g. dividends, warrants) but no voting rights. 

NVDRs let foreign investors gain exposure even when foreign ownership limits are reached.

In derivatives markets via TFEX, non-resident foreign investors are allowed to trade nearly all products except some Thai-Baht related currency futures. 

There are tax and withholding distinctions depending on investor status (resident vs non-resident) and treaty agreements. 

Thailand’s Foreign Business Act regulates foreign ownership in certain industries. 

Firms in restricted sectors may need special licences or have ownership capped. 

Recent government action has proposed reforms aimed at easing restrictions under the Act.

Improved disclosure, governance, and ESG reporting in SET-listed firms have been used to build foreign investor confidence. 

Measures such as the NVDR scheme, foreign share boards, and clearer foreign ownership rules all contribute.

Regulation and oversight

This section covers the regulatory environment and monitoring.

Regulatory authority

The Securities and Exchange Commission of Thailand (Thai SEC) is the primary regulator of the country’s capital markets. 

It issues rules, monitors market participants, enforces compliance, and oversees corporate governance and disclosure obligations.

Recent reforms

The SEC has initiated amendments to the Takeover Rules. 

Key proposals include clarified tender offer obligations, expanded exemptions (such as for rights offerings and private placements), refinement of mechanisms for setting offer prices, and improved alignment with international standards. 

In December 2023 the SEC amended ETF regulations. 

The changes allow active ETFs (not only passive), broaden permissible underlying assets, enhance portfolio disclosure for investors (daily for passive funds, at least quarterly for active ETFs), and revise rules for foreign ETFs and funds.

In January 2025 the SEC updated rules governing mutual and private funds investing in digital assets. 

These changes permit investment tokens, allow crypto exposure subject to caps (5 percent for retail-oriented funds; up to 20 percent for certain high net worth funds), and adjust disclosure, custody, and suitability requirements around digital asset investment.

Ongoing / proposed reforms

A new Financial Business Law is being planned to streamline licensing and regulation across securities, derivatives, digital assets, insurance, and banking. It aims to establish a ‘one-stop authority’ and reduce regulatory fragmentation.

The SEC is drafting multiple legislative reforms: a new version of the Securities and Exchange Act; updated Derivatives Act; proposals for stronger regulation of digital asset business; and clarifications of supervision for securities/derivatives business operators.

Governance and transparency initiatives

Thailand is strengthening its sustainability disclosure framework to align with ISSB (International Sustainability Standards Board) standards.

Rules on professional investors and fundraising have been eased: for example, private funds are now recognised more broadly under the SEC’s professional investor classifications, reducing look-through requirements for identifying underlying investors.

The SEC has issued official guidelines for foreign business operators providing investment services to Thai investors. 

These clarify licensing, permissible services, and fast-track procedures under certain qualifying conditions.

Regional Comparison

The Stock Exchange of Thailand is a key ASEAN market with strong representation in banks, energy, consumer companies, and manufacturing. 

It is supported by a deep domestic investor base and mature regulation, though foreign participation is often influenced by political risk and slower growth. 

Here’s how it compares with its regional peers.

Singapore

The Singapore Exchange serves as the region’s financial hub, known for stability, advanced products, and international listings. 

It attracts institutional investors and offers global reach, but it faces challenges in sustaining local growth stories and attracting new IPOs.

Malaysia

Bursa Malaysia provides broad sectoral exposure, especially in commodities and finance. 

Its diversity supports resilience, yet regulatory uncertainty and uneven liquidity across firms limit foreign investor enthusiasm.

Indonesia

Indonesia’s exchange is the largest in ASEAN by overall scale, reflecting strong domestic demand and expansion in energy, manufacturing, and finance. 

Investors are drawn to its growth trajectory, though higher volatility, governance issues, and currency swings remain concerns.

Philippines

The Philippines’ market, while important for capital raising in sectors like property and banking, remains smaller, less liquid, and more concentrated in a few conglomerates compared to Thailand’s stock exchange.

Thailand also benefits from more developed regulation and investment products, whereas the Philippines continues to face challenges in governance, foreign investor confidence, and expanding its depth relative to regional peers.

Vietnam

The Vietnam stock market has grown rapidly, reflecting the country’s emergence as a manufacturing and export hub. 

It is characterised by high retail investor participation and strong foreign interest in sectors such as banking, real estate, and consumer goods. 

Despite its potential, the market faces constraints from limited product diversity, foreign ownership caps, and regulatory bottlenecks, making reforms critical for its next stage of development.

Conclusion

The Thailand stock market remains a central platform for the country’s economic and financial activity, balancing stability from established sectors with the challenges of slower growth and political uncertainty. 

Its breadth across banking, energy, consumer goods, and manufacturing provides investors with diversified exposure, while regulatory standards ensure transparency and governance. Compared with regional peers, 

Thailand offers depth and maturity, though it must accelerate reforms and attract fresh investment to stay competitive with faster-growing markets like Vietnam and Indonesia.

That said, Southeast Asian economies can be dynamic and change quickly.

With this in mind, the best way to keep up to date with the changing business environment is to make sure to subscribe to Vieter.