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With the 11th largest stock market in the Asia-Pacific region, Thailand’s capital market is a key driver of national economic growth. Ongoing market initiatives are designed to help stakeholders and promote long-term growth.

The Emerging Asia Pacific Capital Markets: Thailand

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Thailand’s capital market has grown steadily over time. As of mid-2020, the Thai stock market, the Stock Exchange of Thailand (SET), ranks 25th in terms of market capitalization among the stock exchanges around the world and is the 11th largest stock market in the Asia-Pacific region. Both stock and bond markets in Thailand are now 85% and 80% of Thailand GDP, respectively. In terms of liquidity, trading activity in Thailand capital markets (stock, bond, and derivatives) has consistently improved, reaching its peak during the past few years. The stock trading activity by foreign investors in Thailand has also grown steadily, accounting for a large proportion, around 36% to 41%, during the past few years. By helping a large number of businesses raise capital on the primary and secondary markets and enabling both foreign and domestic investors to participate in the growth of those businesses, Thailand’s capital market has been a main driver of national economic growth.

Looking forward, the SET aims to further improve internal operating efficiency for stakeholders through a variety of methods—namely, streamlining processes and regulations to support stakeholders, building a central database for business expansion, expanding products and services, further developing IT infrastructure to reduce costs, integrating ESG (environmental, social, and governance) considerations into the businesses of listed companies, and developing an educational platform to provide online financial knowledge to the general public. The ultimate goal is to help stakeholders achieve long-term sustainable growth.

This article is from "The Emerging Asia Pacific Capital Markets: Challenges and Opportunities," published by CFA Institute Research Foundation.

About the Authors

Nattawut Jenwittayaroje
Nattawut Jenwittayaroje CFA

Nattawut Jenwittayaroje, CFA, is an assistant professor of finance at the National Institute of Development Administration Business School, where he lectures on financial markets, behavioral finance, derivatives, and market microstructure. Previously, he was a lecturer in the Department of Banking and Finance, Faculty of Commerce and Accountancy at Chulalongkorn University. Mr. Jenwittayaroje holds a PhD in business administration from the Nanyang Business School at Nanyang Technological University, Singapore.

Thitiphon Amonthumniyom
Thitiphong Amonthumniyom

Thitiphong Amonthumniyom is an analyst in the R&D department at the Securities Exchange Commission, Thailand, where he works in the capital market risk field. He is responsible for monitoring and reporting on each aspect of capital market risk, including market risk, credit risk, and liquidity risk. Mr. Amonthumniyom also reports on the macroeconomy and capital market and is a member of the working group for financial stability. He holds a master’s degree in economics and finance from the University of East Anglia and a bachelor’s degree in economics from Kasetsart University. Mr. Amonthumniyom has passed the Level I exam for the CFA Program.