“Investors’ Confidence remains in “bullish” zone

Optimism driven by government stimulus measures and domestic economic recovery

Concerns over European economy and local politics temper sentiment”

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                                                                      FETCO Press Release: 12 November 2025

 

Kobsak Pootrakool, Chairman of the Federation of Thai Capital Market Organizations (FETCO), revealed that the FETCO Investor Confidence Index (FETCO ICI) for October 2025 (conducted between October 20–31, 2025), which reflects market expectations for the next three months, remains in the ‘bullish’ zone at 135.73. Key supportive factors include the government’s stimulus measures, the domestic economic recovery, and the U.S. Federal Reserve’s monetary policy. Meanwhile, investor sentiment was weighed down by concerns over the European economic outlook, the domestic political situation, and Baht fluctuations.

 

Highlights of FETCO Investor Confidence Index surveyed in October 2025 are as follows.

  • Overall FETCO Investor Confidence index for the next three months (January 2026) is in “bullish” zone (120-159 of FETCO ICI Criterion) at 73.
  • Confidence of investors across investor types is in “bullish” zone.
  • Most attractive sector is Commerce (COMM).
  • Least attractive sector for investors is Fashion (FASHION).
  • Most influential factor driving the Thai stock market is the government’s stimulus measures.
  • Most important factor impeding the Thai stock market is European economic situation.

 

“The survey results in October 2025 show that retail investor confidence fell by 4.9 percent to 124.30, proprietary investors decreased by 11.6 percent to 137.50, institutional investors dropped by 7.7 percent to 153.85, and foreign investors fell by 16 percent to 140.00.”

 

In October, the SET Index climbed above the 1,300 level, supported by listed company earnings, especially in the Banking sector, as well as by the rollout of Khon La Krueng Plus—a co-payment stimulus program introduced by the Thai government to boost domestic spending and mitigate economic slowdown—and other tourism stimulus measures aimed at supporting cash flow in the economy.

 

However, confidence was tempered by concerns over global economic growth, particularly the ongoing slowdown in Europe, international trade pressures, and uncertainty surrounding the U.S. government shutdown. By the end of October, the SET Index closed at 1,309.50, up 2.77 percent from the previous month, with an average daily trading volume of THB 39,473 million. Foreign investors were net sellers, with outflows totaling THB 4,496 million for the month. Year-to-date, they remained net sellers with cumulative outflows of THB 100,739 million.

 

Looking ahead, investors monitor external factors such as the outcome of the new round of U.S.–China trade negotiations, progress on resolving the U.S. government shutdown, and signs of economic recovery in Europe. Asian stock markets could also benefit from capital inflows, following declining inflation rates that may prompt major economies to ease monetary policy.

 

On the domestic front, attention remains focused on the Bank of Thailand’s potential dovish policy stance, ongoing export slowdown, rising household debt levels, the gradual recovery of the tourism sector, and the impact of government stimulus measures on overall economic momentum.”