Thailand's benchmark stock index has outperformed most of Southeast Asia since the start of 2015, but analysts are divided on whether the market remains attractive.
The SET index rose over 6 percent in the first four weeks of the year, following a 15.3 percent surge in 2014. That leaves it ahead of a 5.2 percent gain in the Philippines, and a rise of nearly 2 percent in Southeast Asian peers Singapore and Malaysia, and a 0.5 percent rise in Indonesia's Jakarta Stock Exchange Composite index. Only Vietnamese shares managed to outrun Thailand, with a near 7 percent jump.
Hopes that a 60 percent fall in crude oil prices could be a boon for Thailand have been driving the local bourse, which was trading near the key 1,600 level on Friday.
"Oil prices at $50 a barrel will put about one month's extra salary into consumer's pockets," Jalil Rasheed, investment director at Invesco, said. "With Thailand being a net oil importer, we are buying into the recovery."
Emerging markets guru Mark Mobius is also optimistic. Earlier this month, the executive chairman of Templeton Emerging Markets Group, told CNBC that the outlook for Thailand looks "very positive."
"Lower oil prices lessen inflation and enable the central bank to loosen up. Besides, the current administration is under pressure to boost the economy to make sure that people, on a political level, are happy," he said.