Thailand Stock Exchange (SET) Explained

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. As of early 2025, the SET was ranked as the third-largest stock exchange in ASEAN by market capitalisation. Bitget Ice

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. set

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. Real Trading

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. Bitget

When people refer to how “the Thai stock market” is performing, they are typically referring to the SET Index. It functions similarly to the S&P 500 in the United States or the FTSE 100 in the United Kingdom — as a general measure of overall market performance.

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:

Morning session:   9:30 AM — 12:30 PM
Afternoon session: 2:30 PM — 4:30 PM
Monday to Friday (excluding Thai public holidays)

An Important Tax Advantage

For individual investors, capital gains on SET-listed stocks are currently tax-exempt in Thailand — and any profits are transferred directly to the investor’s broker account. SET

This is a significant advantage compared to many other countries where capital gains are taxed. Dividend income from Thai-listed stocks may still be subject to withholding tax — but the exemption on capital gains makes the SET particularly attractive for long-term investors based in Thailand.

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. SET

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 — meaning transactions are finalised two business days after the order is placed. SET

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 most long-term investors, combining SET-listed investments with globally diversified ETFs provides a more balanced approach — local exposure alongside international diversification.

Key Takeaways

The SET is Thailand’s primary regulated stock exchange, established in 1975
It is the third-largest stock exchange in ASEAN by market capitalisation
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

Can foreigners invest in the SET?
Yes. Foreign nationals can open brokerage accounts with Thai-licensed securities firms and invest in SET-listed stocks and funds. Some restrictions apply to specific types of Thai companies — your broker can advise on these.

Is the SET a good investment?
The SET, like any single-country market, carries concentration risk. It has historically provided returns in line with other emerging market exchanges — but with periods of significant volatility. 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.