Foreign investors have emerged as a pivotal force in the Thai equity market in early February 2026, fueling a rally that contrasts sharply with ongoing selling by local retail investors. According to trading data, net foreign inflows into Thai equities totaled THB 27.05 billion from 1 February through 9 February, outpacing every other investor group by a significant margin.
Meanwhile, domestic institutional investors reported modest net buying of THB 1.43 billion, and proprietary trading by brokers added another THB 2.45 billion. In stark contrast, retail investors continued to unload shares, tallying a net sell-off of THB 30.94 billion in the same period. This divergence underscores a notable shift, with foreign capital increasingly stepping in as retail participants retreat.
Foreign Buying Peaks on February 9
Day-by-day trading patterns reveal that foreign inflows accelerated dramatically on several occasions, peaking on 9 February when net foreign purchases surged to THB 16.54 billion. This marks one of the largest single-day net buying figures recorded in 2026, fueling by the clearer path to prime ministerial position for Anutin Charnvirakul after the general election. The timing of these inflows aligns closely with a substantial rebound in the SET Index, which recovered from levels near 1,320 points in late January to above 1,400 points by early February. This suggests that robust foreign demand has played a central role in driving the market’s turnaround.
Year-to-Date Trends Highlight Foreign Dominance
From the start of 2026, foreign investors have accumulated net purchases in Thai equities amounting to THB 31.41 billion. In contrast, domestic institutional investors have registered net sales of THB 28.15 billion, and retail investors have been net sellers to the tune of THB 14.92 billion. This pattern reaffirms that year-to-date movements in the SET have been overwhelmingly shaped by foreign activity, while local participants have tended to use market rallies as exit opportunities.
Analysts See Improved Sentiment, But Caution on Durability
Market analysts note that the rapid return of foreign capital in February signals a more optimistic near- to medium-term outlook for Thai stocks. Supporting factors include attractive valuations compared to regional peers and growing expectations for greater domestic stability. However, experts caution that the sustainability of the current rally will hinge on whether foreign buying momentum can persist amid ongoing global economic uncertainties.
