The Stock Exchange of Thailand had a difficult year, losing 15.2% of its value, while major markets in North America and Europe saw double-digit gains. The S&P 500 rebounded with a 21% return, led by technology stocks. Foreign investors sold Thai shares, leading to a turbulent year for the Thai stock market. Global shares had their largest annual rise since 2019, with Chinese markets underperforming and Southeast Asian markets being impacted. Japan’s market reached a 33-year high, while India attracted investors as an alternative to China.
SET’s Tough Year
The Stock Exchange of Thailand (SET) experienced a challenging year, with a 15.2% decrease in value in 2023. This contrasts with major markets in North America and Europe, which saw double-digit percentage gains despite global economic concerns. In particular, the S&P 500 rebounded, driven by technology stocks, with a total return of about 21% for the year.
Key Takeaways
- The Stock Exchange of Thailand faced the worst performance in Asia, with a 15.2% drop compared to the previous year.
- Political uncertainty and a weak baht contributed to investor hesitancy and lack of confidence in Thai shares.
- Foreign investors were net sellers of Thai shares, while local institutions and retail investors were net buyers.
Turbulence in the Asian Markets
The year 2023 was turbulent for the Thai stock market, with scandals, defaults, and volatility shaking investor confidence and prompting regulatory reforms. Foreign investors offloaded a net $3.1 billion, the highest amount among Asia’s emerging markets. Chinese markets underperformed, with losses in Hong Kong contrasting with gains in Japan, reflecting waning investor confidence in the world’s second-largest economy.
Source : Stock Exchange of Thailand (SET) ends year with a 15% loss