SET News 119 /2025
                                                      December 4, 2025

SET market report for November 2025

BANGKOK, December 4, 2025 - Although the US government shutdown has ended, 
certain months of economic data remain unavailable. Markets are currently
pricing in high odds that the Federal Open Market Committee (FOMC) will resume
interest rate cuts at its final meeting of this year, scheduled for December
9-10, 2025. Some Federal Reserve (Fed) officials have voiced opposition to rate
cuts, citing concerns about elevated valuations of U.S. technology stocks.
However, current NASDAQ index levels remain below the 2000 Dot-com peak, while
forward 12-month earnings per share forecasts for most U.S. listed companies
continue to demonstrate sustained growth. Against this backdrop, numerous
analysts recommend portfolio diversification away from U.S. technology stocks
towards other bourses, including emerging markets.

Regarding the Thai stock market, the SET Index at the end of November 2025 fell 
4.0% from the previous month, closing at 1,256.69 points, aligning with global
stock market trends. Thailand's economic slowdown in the third quarter of 2025
and flooding in Southern Thailand added downward pressure.

SET Senior Executive Vice President Soraphol Tulayasathien stated that 
Thailand's third-quarter 2025 economic growth decelerated to 1.2% from 2.8% in
the second quarter, attributed to slower exports and tourism, reduced government
consumption and investment spending, and baht strengthening. This trend dealt a
blow to sales revenues of listed companies across nearly all business sectors.
Additionally, the unexpected flooding in Southern Thailand further weighed on
the investment sentiment. However, on a positive note, Thai ESG funds (ThaiESG)
continue to attract inflows as investors pursue tax benefits. Historically, net
outflows from Long-Term Equity Funds (LTF) moderate in the year's final two
months.

Key highlights for November 2025
- At end-November 2025, the SET Index closed at 1,256.69 points, or a 4.0 
percent decrease from the previous month and a 10.2 percent drop since the
beginning of the year. Compared to the end of 2024, the 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 22.4 percent YoY to THB 34.32 billion (approx. USD 1.07 billion),
with a YTD average daily trading value of THB 41.91 billion.
- Foreign investors sold a net THB 12.56 billion, with THB 113.30 billion in net
 selling for the January-November period of 2025.
- Foreign investors continued to dominate trading activity, representing 54.20 
percent of total trading value, followed by local retail investors at 29.06
percent, local institutional investors at 10.88 percent, and securities
companies at 5.85 percent.
- There were two newly listed companies on SET: Smothong Group pcl (SMO) and MR.
D.I.Y. Holding (Thailand) pcl (MRDIYT); and another two on mai: MMM Capital pcl
 (MMM) and Laundry You pcl (WASH).
- SET's forward P/E ratio at end-November 2025 stood at 11.7 times, lower than 
the Asian stock market average of 14.6 times. The historical P/E ratio was at
11.6 times, well below the Asian stock market average of 16.4 times.
- SET's dividend yield at end-November 2025 was 4.01 percent, notably higher 
than the Asian stock market average of 2.93 percent.
Derivatives Market
- At the end of November 2025, Thailand Futures Exchange (TFEX)'s daily trading 
volume was recorded at 329,001 contracts, down 19.10 percent from the previous
month, mainly due to the decline in Single Stock Futures, SET50 Index Futures,
and Gold Online Futures. The YTD average daily trading volume in 2025 totaled
413,695 contracts, down 14.5 percent from the same period last year, mainly due
to the decline in Single Stock Futures and SET50 Index Futures.

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