The year 2026 has been a strong year for the Thai stock market, delivering returns of up to 26.4% since the start of the year. Foreign investors have returned with a net purchase of approximately 24 billion baht as of 15 Jun 2026 GMT+7, following a prior three-year period of decline.
Additionally, several stocks have shown positive trends, including banking, energy, power plants, and electronics sectors, attracting significant speculative interest that has driven up market trading values. The rise in large-cap stocks has also spurred speculation through another channel: Single Stock Futures (SSF) trading via Block Trades.
SSF refers to futures contracts based on individual stocks, while SSF Block Trade involves trading large volumes of these contracts. The reason for SSF Block Trade is the relatively low liquidity of SSF on the TFEX board (as shown in Figure 1).
Therefore, to enable large-volume SSF trading, securities companies act as counterparties. If speculators want to go long on SSF Block Trade, the securities company takes the short position. Conversely, if speculators want to short SSF Block Trade, the securities company takes the long position.
Figure 1: Bid/Offer for AOT Futures on the TFEX board
When securities companies act as counterparties, they must manage the associated risk. For a long SSF Block Trade, the company must buy the underlying shares equivalent to the contract volume. However, to short SSF Block Trade, the company must short sell the underlying shares, making short positions more complex due to reliance on securities borrowing and lending (SBL) and sometimes limited availability of shares to borrow.
On the surface, speculating via stocks and SSF Block Trade may appear similar in monetary returns (excluding fees and interest). However, closer examination reveals differences affecting returns. The following example illustrates these details clearly.
Example: Mr. A Expecting AOT stock to rise, he opened a long AOT Futures position via Block Trade on 25 May 2026 at 53 baht. Subsequently, the stock price rose as expected, and he closed the position on 2 Jun 2026 at 56 baht.
This example compares buying the stock directly versus going long on SSF Block Trade.
Data from Bualuang Securities' Futures and Options team shows a clear difference in investment amount between buying stocks and going long on SSF Block Trade. Stock purchase required 5,300,000 baht, while SSF Block Trade needed only 707,000 baht. SSF trading fees were also comparatively lower. However, Block Trade entails additional interest costs. Overall, while absolute returns in baht may be similar, percentage returns differ greatly: SSF Block Trade yielded 40.0% compared to 5.1% for direct stock purchase, effectively an eightfold leverage.
Ultimately, SSF Block Trade can significantly enhance speculators' returns compared to direct stock trading. However, leverage is a double-edged sword; correct speculation can yield high returns, but wrong bets can cause substantial losses. Therefore, risk management and disciplined stop-loss strategies are crucial alongside speculation.
For speculators interested in SSF or wanting to learn more about SSF Block Trade, accounts can be opened with Bualuang Securities as follows.
How to open a futures trading account
Bualuang Securities clients can easily apply online through two channels:
1. Via the Wealth Connex app (Menu: Solution > Futures Trading Account)
2. Via the Streaming app (Menu: BLS > Futures & Options > Open Account)
The general public can open a stock trading account quickly and easily online via the Wealth Connex app, then apply for a futures trading account online following the above steps, or read more details by clicking here.https://www.bualuang.co.th/article/opentfexaccountbywealthconnex
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