SET market report for July 2021

The spread of the COVID-19 Delta variant has intensified in Thailand with approximately 15,000 new patients a day in late July, while the SET Index dropped by 4.1 percent from the preceding month. Despite the ongoing COVID-19 pandemic, the International Monetary Fund (IMF) is maintaining its estimate of the global economic growth at 6 percent in 2021, by revising the growth rate forecasts of developed economies upwards but lowering those of developing countries on the heels of unequal access to COVID-19 vaccines.

SET Senior Executive Vice President Soraphol Tulayasathien said that at end-July, the SET Index closed at 1,521.92, down 4.1 percent from the previous month. When comparing with year-end 2020, the benchmark index rose 5 percent from end-2020, faring better than the average index of other regional peers with Industrials, Agro & Food Industry, Technology, Property & Construction, and Services industry groups outperforming SET Index.

Key highlights for July

The SET Index ended July at 1,521.92 points, a 4.1% down from the previous month. During the seven-month period of 2021, the SET Index recorded a 5% increase compared to end-2020, eclipsing other regional peers.
In July, a number of industry group index rose, with Industrials, Agro & Food Industry, Technology, Property & Construction and Services industry groups outperforming the SET Index comparing with year-end 2020.
In July, the average daily trading value of SET and mai increased 32.7 percent from a year earlier to THB 84.94 billion (approx. USD 2.57 billion). The daily trading value for the first seven months averaged THB 96.39 billion.
Foreign investors were net sellers for the seventh consecutive month with a net THB 17.74 billion in July, adding to THB 95.56 billion for the January-July period. Local investors were net buyers at THB 129.18 billion. Notably, since the COVID-19 pandemic started in February 2020, local investors have been higher trading value than any other types of investors.
The IPO momentum in July continued with three new companies and one real estate investment trust listings on SET, and one listed company on mai. During the first seven months of this year, the fundraising value via IPOs listed on the Thai bourse was higher than any other ASEAN markets.
SET's forward and historical P/E ratios were 18.0 times and 27.0 times respectively at end-July, exceeding the average ratios of Asian markets at 14.3 times and 19.6 times respectively.
The dividend yield ratio of SET was 2.55 percent at end-July, above Asian stock markets' average ratio of 2.35 percent.

Derivatives market
In July 2021, Thailand Futures Exchange (TFEX)'s derivatives trading volume averaged 423,066 contracts per day, a 34.2 percent decline from end-June. During the first seven months of 2021, the average daily trading volume was 542,283 contracts, a 12 percent increase from the same period a year earlier mainly driven by Single Stock Futures trading.

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