Despite declines in December, the Stock Exchange of Thailand (SET) closed 2014 with an accumulated gain of 198.96 points or 15.32% from the end of 2013.
The main index fell 0.04% or 0.55 points on Tuesday in trade worth 25.33 billion baht. The SET50 index dropped 0.36 points to 1,001.01 but the MAI index rose 1.36% to 700.05.
The baht fell for a fourth month and bonds advanced as weakening outlooks for economic growth and inflation fuelled speculation the central bank will reduce interest rates.
The baht fell 0.1% from the end of November to 32.888 per dollar as of 4 pm in Bangkok, taking its loss this year to 0.3%, according to data compiled by Bloomberg. The currency rose 0.2% on Tuesday.
The SET was the third best-performing market in Asean in 2014 and the 19th in the world, according to data as of Dec 29.
The market ended 2013 down 6.7%, the world's eighth biggest loss, following a 35.7% jump and the world's fifth best ranking in 2012.
The world's best-performing stock market this year was Argentina, up a whopping 56.62%, followed by China (50.01%) and Venezuela (48.30%).
At the other end of the scale, the Greek market posted the biggest loss of 29.49%, followed by Portugal (-25.52%) and Cyprus (-18.26%).
Among Asean nations, the Philippines led with a 22.76% gain, followed by Indonesia (22.91%), Thailand (15.36%), Singapore (6.32%), Vietnam (5.19%), and Malaysia (-4.98%).
The SET hit a near two-week low on Tuesday as energy shares were dragged lower by a drop in crude oil prices and small caps came under selling pressure amid caution over tightening trading regulations from Jan 5.
Other markets in Southeast Asia were little changed, with public holidays in the region keeping trading activities light.
The benchmark earlier hit 1,486.30, the lowest since Dec 17. Shares of PTT Exploration and Production (PTTEP) traded 2.61% lower as Brent crude extended losses into a fourth session on Tuesday.
Shares of Inter Far East Engineering (IFEC) plunged 6.2% and Pan Asia Footwear (PAF) slipped 4.80% as investors cut holdings in small caps before the exchange's new measures kick in to curb excessive speculation in stock markets. The rule will be effective from Jan 5.
Broker KGI Securities expects the Thai market to move sideways on the final trading day of 2014, with a positive outlook for 2015.
"Looking to 2015, we remain moderately positive to SET in the first quarter due mainly to our view that European QE will take place and drive a new round of EM inflows," it said in a report.
Jakarta's composite index was 0.2% higher at 5,185.98, with shares of dividend yielding shares such as Telkomunikasi Indonesia among those actively traded.
"It is slightly below our expectation of 5,300 on worse-than-expected IDR weakness which is negative for market growth outlook," said Harry Su, head of research of Bahana Securities.
"On a more positive note, the Indonesian market would be well supported by lower oil prices, which should allow 2015 current account deficit to come down to 1.9% of GDP from 2014's level of 3%," he said.
The rupiah has lost 2.4% against the dollar so far this year, partly due to weak economic data.