ปัจจัยทางเศรษฐกิจและอัตราส่วนทางการเงินที่มีอิทธิพลต่อ ดัชนีราคาตลาดหลักทรัพย์แห่งประเทศไทย: กรณีศึกษากลุ่มอุตสาหกรรมทรัพยากร

Wiwatwong Bunnun

Authors

Wiwatwong Bunnun -

Keywords:

Stock Price Index, Resource Industry, Stock Exchange of Thailand

Abstract

This research investigates the economic factors and financial ratios influencing the Stock Exchange of Thailand (SET) Index, specifically focusing on the Resources property group. As one of the most significant sectors in terms of trading value, this study examines key variables including the Price-to-Earnings (P/E) ratio, Price-to-Book Value (P/B) ratio, crude oil prices (OIL), gold prices (GOLD), and the THB/USD exchange rate (EXC). The analysis spans a five-year period from January 2019 to December 2023, encompassing 60 months of secondary data. Statistical processing was conducted using SPSS software, utilizing Multiple Linear Regression analysis to determine the relationship and predictive power of these independent variables on the sectoral index. The empirical results reveal that oil prices exert the most substantial influence on the Resources sector index, followed by the Price-to-Book Value ratio and gold prices, respectively. These three variables demonstrate statistical significance at the 0.01 level. Conversely, the Price-to-Earnings ratio and the THB/USD exchange rate were found to have no statistically significant impact during the observed period. The findings align with prior literature indicating a negative correlation between oil prices and equity values within this sector; rising energy costs typically increase operational expenditures, thereby constraining corporate profitability. Furthermore, the P/B ratio serves as a critical performance indicator that significantly dictates investor sentiment and capital allocation decisions. Regarding gold prices, although a negative relationship exists, the correlation remains complex and contingent upon broader macroeconomic fluctuations. In conclusion, this research provides valuable insights for individual and institutional investors in optimizing their portfolios and enhancing decision-making processes. Additionally, the findings offer a framework for policymakers and regulatory bodies to better understand market volatility and maintain the stability of the Thai capital market amidst shifting global economic conditions.

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