Stock rollercoaster goes from slump to stimulus-driven surge

Government policies and lower interest rates have lifted the Thai bourse after sagging for most of this year, with the rebound likely to continue for the rest of 2025, writes Nareerat Wiriyapong

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After losing 9% year-on-year in the first nine months of 2025, the Stock Exchange of Thailand (SET) index is moving into the final quarter with more bullish sentiment, topping 1,300 points in early October thanks to the new government's economic stimulus and an easing cycle for Thai interest rates.

The Anutin Charnvirakul government unveiled a stimulus package for its four-month tenure, aiming to lift domestic consumption and public confidence. Core measures include an expanded “Khon La Khrueng” co-payment scheme, easing consumers’ cost ofliving, and debt restructuring support for small businesses, supplemented by tourism revival initiatives.

Endorsed by the cabinet on Oct 7 with a budget of 44 billion baht, the co-payment scheme creates a powerful but temporary boost for the lasttwo months ofthe year. Petrol prices were previously cut, while electricity tariff and train fare reductions are on the cards.

Tourism revival measures, including incentives for second-tier destinations, are expected to potentially add 2-4 million visitors over the next 12-18 months, according to CGS International Securities (Thailand).

“The Thai bourse is being driven mainly by the performance of the new government's stimulus policies, such as the co-payment scheme and secondary province tourism promotion, all of which are positive for stockinvestment,’ said Apichat Poobunjirdkul, senior strategist at Tisco Securities.

To stay firmly above 1,300 points, daily trading value on the SET should exceed 40 billion baht, said Mr Apichat, as the current trading value of roughly 30 billion baht is considered “too low’

The SET should also benefit from falling Thai interest rates, he said.