“Investor Confidence Returns to ‘Neutral’ Territory

Stimulus Measures and Policy Rate Adjustments Help Bolster Outlook

Economic Slowdown and Political Tensions Weigh on Sentiment”

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                                                                      FETCO Press Release: 3 December 2025

 

Kobsak Pootrakool, Chairman of the Federation of Thai Capital Market Organizations (FETCO), revealed that the FETCO Investor Confidence Index (FETCO ICI) for November 2025 – surveyed between November 21-30, 2025, fell to the ‘Neutral’ zone at 101.55, indicating market expectations for the next three months. The government’s economic stimulus measures remained the strongest driver of confidence, followed by the Monetary Policy Committee’s policy rate decisions and the domestic political environment. On the other hand, sentiment was dampened by concerns over a domestic economic slowdown, political uncertainties, and the import–export outlook.

 

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

  • Overall FETCO Investor Confidence index for the next three months (February 2026) is in “neutral” zone (80-119 of FETCO ICI Criterion) at 55.
  • Confidence of proprietary investors is in “bullish” zone while that of the remainders is in “neutral” zone.
  • Most attractive sector is Banking (BANK).
  • Least attractive sector for investors is Fashion (FASHION).
  • Most influential factor driving the Thai stock market is the government’s economic stimulus measures.
  • Most important factor impeding the Thai stock market is local economic slowdown.

 

“The survey results in November 2025 indicate that retail investor confidence declined by 23.7 percent to 94.89; confidence among proprietary investors fell by 9.1 percent to 125.0; institutional investors dropped by 23.2 percent to 118.18; and foreign investors decreased by 28.6 percent to 100.00.

 

In November, the SET Index experienced volatility and slipped below the 1,300 level, pressured by signs of economic slowdown, the impact of severe flooding in Southern Thailand on economic and tourism recovery, and political factors affecting government stability. However, the downside was partially offset by the government’s economic stimulus measures, including the Khon La Khrueng Plus co-payment scheme and the “Tiew Dee Mee Kuen” tax-refund campaign, which allows individual taxpayers to claim personal income tax deductions for domestic travel and dining expenses. By the end of November, the SET Index closed at 1,256.69, down 3.8 percent from the previous month, with an average daily trading value of THB 34,323 million. Foreign investors were net sellers, recording outflows of THB 12,559 million for the month. Year-to-date, they remained net sellers with total outflows amounting to THB 113,298 million.

 

Looking ahead, investors are monitoring several external factors, including the U.S. Federal Reserve’s monetary policy direction—where the market currently expects the rate to remain unchanged due to limited new economic data—diplomatic tensions between Japan and China, and ongoing Thai-Cambodia border issues. Domestically, investors anticipate a dovish stance from the Monetary Policy Committee in its December policy rate decision. Market attention is also focused on the ordinary session of Thailand’s parliament scheduled for 12 December 2025, as well as potential inflows into tax-saving funds such as Thai ESG and RMF, which could help support sentiment in the Thai capital market during the final month of the year.”