🟢 How Thailand’s Main Stock Market Works
If you live in Thailand and want to invest in stocks, understanding the Stock Exchange of Thailand — known as the SET — is an important starting point. This guide explains what it is, how it works, and what it means for you as an investor.
What the SET Is
The Stock Exchange of Thailand (SET) is Thailand’s primary regulated stock market. It is the place where shares of Thai-listed companies are bought and sold — and where individual investors can participate in the growth of Thai businesses.
The SET officially launched on 30 April 1975 and has since evolved into one of the most liquid and sophisticated markets in the ASEAN region. The SET is one of the largest stock exchanges in ASEAN by market capitalisation. In recent years it has ranked second or third in the region, with the order shifting as share prices and exchange rates move.
What Is Listed on the SET
The SET is home to a wide range of investment products:
The SET Group includes the main SET market for larger companies, the Market for Alternative Investment (mai) for smaller companies, the LiVE Exchange (LiVEx), and the Thailand Futures Exchange (TFEX) for derivatives products.
As of 30 December 2025, there were 638 listed Thai companies on the SET and 230 listed Thai companies on the mai, with an aggregate market capitalisation of approximately THB 15.93 trillion.
In addition to company shares, the SET also lists:
- Exchange Traded Funds (ETFs)
- Real Estate Investment Trusts (REITs)
- Property funds
- Government and corporate bonds
The SET Index — Thailand’s Market Benchmark
The SET Index is a composite index that tracks the price movements of all common stocks listed on the main board. It is a market-capitalisation-weighted index, meaning larger companies have a more significant impact on its movement.
When people refer to how “the Thai stock market” is performing, they are typically referring to the SET Index, the broad benchmark covering all common stocks on the main board.
Additional indices include:
- SET50 — tracks the 50 largest and most liquid companies on the SET
- SET100 — tracks the 100 largest companies
- SETCLMV — tracks companies with significant operations in Cambodia, Laos, Myanmar, and Vietnam
Trading Hours
The SET operates on Thai time (GMT+7) with two trading sessions:
| Session | Time |
|---|---|
| Morning session | 10:00 AM — 12:30 PM |
| Afternoon session | 2:00 PM — 4:30 PM |
Monday to Friday (excluding Thai public holidays). Orders can be entered from 9:30 AM and 1:30 PM (pre-open); a closing auction runs from 4:30 PM to about 4:40 PM.
An Important Tax Advantage
For individual investors, capital gains on SET-listed shares sold through the exchange are currently tax-exempt in Thailand. This is a significant advantage compared to many other countries where capital gains are taxed — and makes the SET particularly attractive for long-term investors based in Thailand.
Dividends are generally taxed: listed companies deduct 10% withholding tax before paying out. Thai tax residents can treat this 10% as final, or include the dividend in their annual tax return and claim the dividend tax credit. Which option is better depends on your personal tax rate. When you sell, the full sale proceeds are credited after settlement (T+2).
How to Invest in SET-Listed Stocks
To buy and sell stocks on the SET, you need a securities account with a licensed Thai broker. The account holder must be at least 20 years old.
Once your account is open and funded, you can place orders in two ways:
- Through an online trading platform or mobile app provided by your broker
- Through an investment consultant via phone or email
Settlement is T+2 — trades are settled two business days after the trade date, i.e. the day your order is executed.
The SET vs International Markets
Investing in the SET gives you exposure to Thai companies and the Thai economy. This has advantages — local knowledge, tax benefits, and THB-denominated returns — but also means your portfolio is concentrated in a single country.
For many long-term investors, combining SET-listed investments with international diversification provides a more balanced approach. Global exposure is available through products listed on the SET itself, such as ETFs with foreign underlying assets or Depositary Receipts (DRs) on foreign securities, or through investments held abroad. The tax treatment differs: for Thai tax residents, dividends and gains from investments held abroad that were earned from 2024 onwards are taxable when brought into Thailand (Revenue Department Order Por. 161/2566). A proposed exemption for money remitted in the same or following year had not been enacted as of August 2026 — check the current status.
Key Takeaways
- The SET is Thailand’s primary regulated stock exchange, established in 1975
- It is one of the largest stock exchanges in ASEAN by market capitalisation (recently ranked 2nd–3rd)
- The SET Index tracks all common stocks on the main board and is the primary market benchmark
- Trading hours are split into morning and afternoon sessions, Monday to Friday
- Capital gains on SET-listed stocks are currently tax-exempt for individual investors in Thailand
- A licensed Thai brokerage account is required to invest — account holders must be at least 20 years old
Frequently Asked Questions
Who can invest in the SET?
Anyone aged 20 or over who meets a licensed Thai broker’s account-opening requirements. Many listed companies have limits on foreign shareholding; where these apply, non-Thai investors can hold NVDRs (non-voting depositary receipts issued by a SET subsidiary), which carry the same financial benefits, such as dividends, but no voting rights.
Is the SET a good investment?
Like any single-country market, the SET carries concentration risk, and its returns have been uneven. It lagged international benchmarks, including emerging-market indices, over the one- and five-year periods to end-2024 and fell 10% in 2025, before rebounding strongly in 2026. Most financial education resources recommend combining SET exposure with international diversification rather than investing exclusively in one market.
Where can I find official information about the SET?
The Stock Exchange of Thailand publishes market data, company information, and educational resources at set.or.th. The Securities and Exchange Commission of Thailand maintains its regulatory database at sec.or.th.
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