Paper Title
Factors Effecting the Level of the Stock Index Returns in Thailand using Ordered LOGIT Model

An increasing in foreign direct investment from the past, world economy was expand continuously especial in Asia developing countries. Thailand is one of the developing country that had benefit from this expansion. Thai financial market has improve in many aspects such as the class of the asset, the market capitalization, the volume of trade, etc. Many investors and speculators around the world invest in Thai financial market particularly stock market. The capital gain is what investors and speculators looking for. The prediction of the returns in stock market is always arisen. Therefore, this paper was investigate the factors effecting to each level of 8 industry group index returns in Stock Exchange of Thailand using ordered probit model. The dairy data from September 1, 2016 to October 29, 2018was employed. The results show the positive effect of Nikkei 225 index returns, FTSE 100 index returns, Hang Seng index returns, percentage change in West Texas Intermediated crude oil prices, percentage change in gold prices, and percentage change in one-year Thai government bond yield on the probability in every level of industrial price index returns while the percentage change in Thai Baht against US dollar had the negative effect.