“Investors’ Confidence remains in “bullish” zone

Economic stimulus and fund inflow as supportive factors

Concerns over fiscal discipline and import-export situation undermined”

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                                                                      FETCO Press Release: 8 October 2025

 

Kobsak Pootrakool, Chairman of the Federation of Thai Capital Market Organizations (FETCO), revealed that the FETCO Investor Confidence Index (FETCO ICI) for September 2025 (conducted between September 22–30, 2025), which reflects market expectations for the next three months, remains in the ‘bullish’ zone at 153.62. Government stimulus measures were the main driver of increased confidence, followed by capital inflows and the U.S. Federal Reserve’s monetary policy. However, concerns over fiscal discipline, the import-export situation, and the economic outlook in the Eurozone continue to undermine investor confidence.

 

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

  • Overall FETCO Investor Confidence index for the next three months (November 2025) is in “bullish” zone (120-159 of FETCO ICI Criterion) at 62.
  • Confidence of retail and proprietary investors is in “bullish” zone, while that of institutional, and foreign investors is in “very bullish” zone.
  • Most attractive sector is Commerce (COMM).
  • Least attractive sector for investors is Media & Publishing (MEDIA).
  • Most influential factor driving the Thai stock market is the government’s stimulus measures.
  • Most important factor impeding the Thai stock market is fiscal discipline.

 

The survey results in September 2025 show that confidence of retail investor is up 35.4 percent to 130.69, proprietary investors up 19.7 percent to 155.56, institutional investors up 28.2 percent to 166.67 and foreign investors up 25 percent to 166.67.

 

Throughout September, the SET Index traded within a narrow range. Sentiment was supported by the U.S. Federal Reserve’s 25 basis point rate cut and the clarity of the new Thai government and its stimulus measures introduced. However, both domestic and global economic slowdowns continued to weigh on investor confidence. Additionally, Fitch Ratings’ downgrade of Thailand’s outlook from “Stable” to “Negative” raised concerns over the country’s monetary policy and fiscal stability. At the end of the month, the SET Index closed at 1,274.17, up 0.46 percent from the previous month, with an average daily trading volume of THB 43,028 million. Foreign investors were net sellers, recording outflows of THB 11,859 million for the month. Year to date, they have remained net sellers, with total outflows reaching THB 96,243 million.

 

External factors to monitor include the U.S. Federal Reserve’s monetary policy, with continued dovish signals expected to support liquidity in emerging markets, including Thailand. Investors are also watching the export slowdown in European countries, the impact of China’s RMB 500 billion in 7-day and 14-day reverse repo injections, and volatility in global gold prices. On the domestic front, attention is focused on the new government’s stimulus measures and fiscal budget announcements, which could influence credit risk assessments, investor confidence, and movements in the Baht, potentially putting pressure on the export sector.”