“Investor confidence in the ‘Neutral’ zone

Earnings outlook and stimulus measures seen as key supports

Geopolitical conflicts and domestic economic slowdown weigh on sentiment”

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                                                                      FETCO Press Release: 10 November 2026

 

Paiboon Nalinthrangkurn, Chairman of the Federation of Thai Capital Market Organizations (FETCO), revealed that the FETCO Investor Confidence Index (FETCO ICI), based on a survey conducted from 20–31 October 2026, was in the “Neutral” zone at 100.86 over the next three months. Investors viewed listed companies’ earnings as the main factor supporting market confidence, followed by government economic stimulus measures and a recovery in the tourism sector. Meanwhile, geopolitical tensions were seen as the biggest drag on investor confidence, followed by a domestic economic slowdown and trade wars.

 

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

  • Overall FETCO Investor Confidence Index for the next three months (January 2027) is in the “Neutral” zone (80–119 of FETCO ICI Criterion) at 100.86.
  • Investor confidence across all investor groups — retail investors, domestic institutional investors, proprietary trading investors and foreign investors — was in the “Neutral” zone.
  • Most attractive sector is Energy & Utilities (ENERG).
  • Least attractive sector is Property Development (PROP).
  • Most influential factor driving the Thai stock market is listed companies’ earnings outlook.
  • Most important factor impeding the Thai stock market is Geopolitical conflicts.

 

“The survey results in October 2026 showed that retail investor confidence fell 13.2% to 98.06, proprietary investor confidence declined 19.2% to 111.11, domestic institutional investor confidence fell 7.4% to 110.00, and foreign investor confidence declined 49.2% to 100.00.

 

The SET Index in October 2026 traded within a narrow range amid pressure from both domestic and external factors, particularly the prolonged conflict in the Middle East, persistently high energy prices and U.S. Treasury yields, as well as concerns over continued inflationary pressures. These factors prompted the U.S. Federal Reserve (Fed) to maintain its policy rate at 3.75–4.00%, while Thailand’s Monetary Policy Committee (MPC) kept its policy rate unchanged at 1.00%. However, continued growth in Thai exports, particularly digital and electronic products, buoyed the market. At the end of October, the SET Index closed at 1,518.59 points, down 2.59% from the previous month. Average daily trading value stood at THB 66,390 million. Foreign investors recorded net sales of THB 6,671 million in October, while their year-to-date net purchases totaled THB 18,185 million.

 

Looking ahead, key external factors to watch include the U.S. midterm elections and their implications for economic and trade policies, geopolitical tensions, particularly the prolonged conflict in the Middle East and its implications for energy prices and inflation, the Fed’s monetary policy and its impact on fund flows into emerging markets, and ongoing trade tensions. Changes in the weighting of major global indices, including MSCI and FTSE, could also affect capital flows and foreign investors’ portfolio allocations in the Thai stock market. Domestically, key factors to watch include Q3/2026 earnings of listed companies, the effectiveness of government flood relief and consumption stimulus measures, and the recovery of the tourism sector during the high season, which could be a key driver of economic growth and investor confidence in the remainder of the year.”