Thai stock market rallies as state-backed $4.5bn fund gears up

Benchmark SET index nears 2024 high, lifted by companies with high ESG ratings

With the state-backed ESG fund expected to stimulate the market, one brokerage forecasts the SET Index to rise 5% by the end of the year. (Photo by Takaki Kashiwabara)

FUMITO AKIYAMA, NQN staff writer

September 7, 2024 05:54 JST

SINGAPORE -- Thailand's stock market has rallied in recent weeks to bring the benchmark SET Index near its 2024 high, with many pointing to the activity of a government-affiliated fund as a major factor.

The benchmark SET Index rose 2.8% on Thursday, reaching its highest level in roughly five months. On Friday, it rose another 1.7% at one point, reaching a high of 1,429, nearing the year-to-date peak of 1,434 set on Jan. 4.