Bumpy road ahead despite tourism upturn

After moving sideways for most of December, the Stock Exchange of Thailand ended 2022 at 1,668.66 points, up just 0.7% year-on-year from 1,657.62 at the end of 2021. Despite the subdued holiday trading mood, the market shot up for eight trading days in a row to close out the year.

The SET has continued to climb, reaching 1,695.53 in early January, up almost 100 points from mid-December. Average daily turnover last year was 71.2 billion baht, down 19.5% from 88 billion in 2021.

Though the SET barely edged up in 2022 from a year earlier, what surprised us was the rebound in foreign investor interest, with a net-buy position of 202.7 billion baht for the year. Foreign investors have maintained this position into early January. On the other hand, local institutions recorded net…