The Stock Exchange of Thailand (SET) delivered a strong performance in April despite typically weaker trading conditions caused by holidays and lower turnover. The index climbed to 1,510.02 points before Songkran, supported by the US-Iran ceasefire and falling oil prices, before ending the month up 3.1% at 1,493.69 points.
While the traditional “Sell in May and go away” strategy has often reflected historical market trends, analysts believe it may not apply this year after the SET surged in early May following the Thai government’s 400-billion-baht stimulus package announcement.
The stimulus measures include a co-payment scheme for consumers and investment plans aimed at accelerating Thailand’s clean energy transition. However, concerns remain over the longer-term economic outlook, with GDP growth forecasts for 2026 downgraded to 1.2% amid expectations that elevated oil prices could persist for at least another year, keeping inflationary pressures high globally.
Despite uncertainties, investors remain optimistic that geopolitical tensions will ease. Analysts continue to favour defensive stocks with strong first-quarter earnings, highlighting IT retailer Advice IT Infinite (ADVICE), industrial estate developer Amata Corp (AMATA), 7-Eleven operator CPALL, and telecom company TRUE as key picks for May after reporting solid profit growth and resilient business performance.