Title:
MACROECONOMIC FACTORS INFLUENCING STOCK MARKET INDEX: CASE STUDY IN THAILAND

Authors:
Asst. Prof. Tuangporn Pinudom, Dr. Siwaporn Kunnapapdeelert, Asst. Prof. Passarin Phalitnonkiat, and Ms. Suthasinee Jayankura Na Ayuaddhya

Abstract:
Stock market is considered an important part of the economy. The stock market is believed that it can influence or affect the economy of the country. The factors that can possibly affect the stock market are studied in several researches in order to forecast or support the investment decision in the stock market. Hence, this study is intended to explore the relationship between macroeconomic factors and stock market index in Thailand for the period of 2010-2020. The macroeconomic factors of the study include oil price, export value, and the real exchange rate. The study applies the multiple regression analysis to examine the relationship. The research result shows that all three variables have a significant impact on the stock market index of Thailand. The most impact factor is export value and the least impact factor is oil price. The research result would assist the financial investors to consider the macroeconomic factors for their investment decisions in the stock market.

Keywords:
Stock market index, oil price, export value, real exchange rate, stock market, macroeconomics