“Investor Confidence Index Holds in “Neutral” Zone

Economic Stimulus and Fund Inflows Anchor Market Sentiment

Geopolitical Tensions and Trade Wars Remain Primary Risks”

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                                                                      FETCO Press Release: 11 May 2026

 

Kobsak Pootrakool, Chairman of the Federation of Thai Capital Market Organizations (FETCO), announced that the FETCO Investor Confidence Index (FETCO ICI) for April 2026 remains in the “neutral” zone at 114.16. The survey, conducted between April 20–30, gauges investor sentiment for the Thai capital market over the next three months. While government stimulus measures, fund inflows, and hopes for easing international tensions provide a supportive foundation, the market remains tempered by global conflicts, trade wars, and concerns over domestic fiscal discipline.

 

Highlights of the FETCO Investor Confidence Index (April 2026)

  • Overall Confidence: The three-month outlook (reaching July 2026) is classified as “neutral” (within the 80–119 ICI range) at 114.16.
  • Investor Breakdown: Confidence among retail, proprietary, and institutional investors sits in the “neutral” zone, while foreign investors maintain a “bullish” outlook.
  • The Petrochemicals and Chemicals (PETRO) sector is ranked as the most attractive to investors.
  • The Fashion (FASHION) sector is currently viewed as the least attractive.
  • Market Drivers: The government stimulus package is the primary catalyst for market growth.
  • Market Deterrents: International conflicts remain the most significant weight on investor sentiment.

 

“The April 2026 survey found that retail investor confidence increased by 21.3% to 90.00, proprietary investor confidence rose by 14.3% to 100.00, domestic institutional investor confidence declined by 14.4% to 110.00, and foreign investor confidence increased by 33.3% to 133.33.

 

During the first half of the month, the SET Index saw gains fueled by easing Middle East tensions and the announcement of government stimulus. However, the latter half was marked by volatility due to lackluster Q1 earnings in specific sectors, fluctuating commodity and oil prices, and persistent geopolitical uncertainty. Concerns regarding a potential reduction in Thai stocks’ weighting within the MSCI EM also weighed on the market. By the end of April, the SET Index closed at 1,493.69, a 3.15 percent increase from the previous month. The average daily trading value stood at THB 58,688.27 million. Despite being net buyers of THB 16,638 million year-to-date, foreign investors were net sellers of THB 2,513 million during April.

 

Investors are closely monitoring the monetary policies of major economies, specifically seeking signals from the new Federal Reserve Chairman and the European Central Bank regarding interest rates and fund flows. Additionally, U.S.-Iran tensions continue to pose a risk to global energy price stability. Domestically, the focus remains on updates regarding economic stimulus execution and government disbursement schedules, both of which are critical for domestic recovery.  Meanwhile, the upcoming MSCI weighting update in May 2026 remains a focal point for institutional and foreign players.”