“Investor confidence in the ‘Bullish’ zone

Fund inflows and government economic stimulus measures seen as key supports

International conflicts and Fed monetary policy weigh on sentiment”

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                                                                      FETCO Press Release: 6 October 2026

 

Paiboon Nalinthrangkurn, Chairman of the Federation of Thai Capital Market Organizations (FETCO), revealed that the FETCO Investor Confidence Index (FETCO ICI) for September 2026, based on a survey conducted from 21–31 September 2026, was in the “Bullish” zone at 148.72 for the next three months. Investors viewed fund inflows as the strongest support for market sentiment, followed by government economic stimulus measures and listed companies’ earnings. The factors weighing most heavily on investor confidence were international conflicts, followed by the prospect of Fed interest rate hikes and volatility in the Thai Baht.

 

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

  • Overall FETCO Investor Confidence Index for the next three months (December 2026) is in the “Bullish” zone (120–159 of FETCO ICI Criterion) at 148.72.
  • Confidence among retail and domestic institutional investors was in the “Neutral” zone, while confidence among proprietary investors was in the “Bullish” zone, and confidence among foreign investors was in the “Very Bullish” zone.
  • Most attractive sector is Electronic Components (ETRON).
  • Least attractive sector to investors is Property Development (PROP).
  • Most influential factor driving the Thai stock market is fund inflows.
  • Most important factor impeding the Thai stock market is international conflicts.

 

“The survey results in September 2026 showed that retail investor confidence fell 4.1% to 112.93, proprietary investor confidence declined 11.6% to 137.50, domestic institutional investor confidence fell 9.8% to 118.75, and foreign investor confidence declined 12.5% to 175.00.

 

The SET Index was buoyed early in September 2026 by optimism over AI and Data Center investments, which lifted electronics stocks. In the second half of the month, the market came under pressure from uncertainty over the Fed’s interest rate outlook, rising U.S. government bond yields, conflicts in the Middle East, and concerns over the impact of domestic flooding. As a result, SET Index closed September 2026 at 1,559.01, down 2.27 percent from the previous month. Average daily trading value stood at THB 70,151 million. Foreign investors were net sellers of THB 26,328 million during the month, while their year-to-date net purchases totaled THB 24,856 million.

 

Internationally, investors are monitoring the Fed’s monetary policy direction, particularly the risk of interest rates remaining higher for longer than expected or further rate hikes. Attention is also focused on the implementation of the U.S.–China trade agreement and the conflict involving the United States and the Middle East, which could put pressure on energy prices and inflation. Domestically, investors are monitoring third-quarter earnings projections for listed companies, the government’s economic stimulus measures and policy implementation, as well as developments in trade negotiations between Thailand and the United States. Investors are also monitoring developments in investment across technology industries and Data Centers, along with the impact and risks of  flooding on economic activity and supply chains.”