“Investor Confidence Stays in Very Bullish Territory

Fund Inflows and Political Stability Support Thai Market Sentiment

Geopolitical Tensions and Political Uncertainty Cloud Investor Outlook”

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                                                                      FETCO Press Release: 10 March 2026

 

Kobsak Pootrakool, Chairman of the Federation of Thai Capital Market Organizations (FETCO), stated that the FETCO Investor Confidence Index (FETCO ICI) for February 2026 registered at 181.16, remaining in the “very bullish” zone for the second consecutive month. The survey, conducted during 20–28 February 2026, reflects investor expectations for the Thai capital market over the next three months. Fund inflows were the primary factor supporting investor confidence, followed by the domestic political situation and government stimulus measures. In contrast, international conflicts, domestic political uncertainty, and trade tensions were identified as the main factors weighing on sentiment.

 

Highlights of FETCO Investor Confidence Index surveyed in February 2026 are as follows.

  • Overall FETCO Investor Confidence index for the next three months (May 2026) is in “very bullish” zone (160-200 of FETCO ICI Criterion) at 181.16.
  • Confidence of retail investors is in “bullish” zone while that of proprietary, institutional, and foreign investors is in “very bullish” zone.
  • Most attractive sector is Banking (BANK).
  • Least attractive sector to investors is Automotive (AUTO).
  • Most influential factor driving the Thai stock market is fund inflow.
  • Most important factor impeding the Thai stock market is international conflicts.

             

“The February 2026 survey showed an improvement in investor confidence across most investor groups. Retail investor confidence rose by 16.9 percent to 151.56, while proprietary investor confidence increased by 22.2 percent to 183.33. Institutional investor confidence recorded the largest gain, rising by 53.4 percent to 187.50, while foreign investor confidence remained unchanged at 200.00.

 

During February, the SET Index moved higher, supported by positive domestic factors. Fund inflows were driven by optimism over the stability of the new government and the Bank of Thailand’s decision to cut the policy rate by 25 basis points to support economic recovery. However, geopolitical risks and concerns over the global economy, particularly tensions in the Middle East, continued to weigh on overall market sentiment. At the end of February, the SET Index closed at 1,528.26, increasing 15.29 percent from the previous month, with an average daily trading value of THB 59,748 million. Foreign investors were net buyers of THB 54,596 million during the month, while recording year-to-date net inflows of THB 58,905 million.

 

Key external factors to monitor include global geopolitical tensions and volatile energy prices linked to conflicts in the Middle East. Trade uncertainty between major economies also remains a concern, particularly following U.S. President Donald Trump’s tariff policy, which recently increased import tariffs by 15 percent on countries with trade surpluses, although the court has ruled that such an order is not legally valid. Domestically, political developments and the direction of economic policy remain key factors, especially the clarity regarding the stability of the new government following the election. This will influence the direction of economic stimulus measures, public investment, and the confidence of both domestic and international institutional investors.’