According to the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai), data reveal a significant uptick in foreign investment in Thailand. As of the end of 2025, foreign investors collectively held shares in 861 listed companies with a total value of 5.61 trillion baht, accounting for 35.74% of the total market capitalization.
The figure marks a rise from 33.83% at the end of 2024, when foreign holdings stood at 5.83 trillion baht across 855 securities.
Examining the changes between 2024 and 2025, the number of additional securities held by foreigners increased by a net 23. Of these, 18 securities were newly listed companies debuting on the Thai bourse during 2025, while the remaining five saw increased foreign stakes in companies already listed before.
Conversely, 17 securities that were held at the end of 2024 no longer appeared in foreign portfolios by year-end 2025. 12 out of 17 were due to delisting, and five were a result of divestment.
At the start of 2026, foreign inflows into the Thai equity market surged, propelled by the greater clarity in the domestic political situation after the general election, expectations of monetary policy easing, and attractive valuations following sharp market declines in the previous year. In the first two months of 2026, foreign investors recorded a net buy of over 58.9 billion baht—a marked contrast with 2025, in which they were net sellers by 107.1 billion baht for the full year.
In January 2026, the benchmark SET Index climbed 5.24% from the previous year-end, accompanied by a net foreign inflow of 4.34 billion baht, bringing foreign investors’ holdings to a new record of 6.11 trillion baht or 37.11% of the total market capitalization.
The buying spree continued in February, with net foreign purchases totaling 54.56 billion baht following the announcement of the parliamentary election results on February 8, which indicated growing political stability. On February 9 alone, foreigners were net buyers of 16.54 billion baht, while the SET Index jumped another 15.69% from the end of January, further raising foreign stakes.
However, global equity markets, including Thailand’s, faced headwinds in March 2026 due to escalating geopolitical tensions stemming from military actions involving the U.S., Israel, and Iran. This led the SET Index to drop more than 8% intraday on March 4, triggering the circuit breaker for the seventh time in its history, while the index ultimately closed down 5.58% day on day. Despite this turbulence, foreigners remained net buyers with 1.05 billion baht on the day.
Meanwhile, between March 5 and 6, the trend reversed as foreign investors turned net sellers with outgoing flows totaling 13.85 billion baht, pushing the SET Index down by 7.72% compared to end-February and closing at 1,410.37 points on March 6.
Foreign investors remained net buyers in Thai equities from January 1 to March 6, 2026, accumulating a net purchase of 45.43 billion baht, with the SET Index registering an 11.96% gain from the previous year-end, pointing to a steady increase in foreign ownership from the end of 2025.
A review of trading behavior in 2025 shows that total foreign turnover in the Thai stock market reached 10.49 trillion baht—52.83% of the total market turnover—making foreigners the most active participants for the fourth consecutive year since 2022.
Comparing this to their average holding of 5.72 trillion baht during 2024–2025, foreign investors’ trading value was about 1.83 times their average holdings, suggesting a high proclivity for short-term trading aimed at profit-taking in Thai stocks.
In 2025, foreign trading was composed of 53% in local shares, 46.5% in NVDRs—Special depository receipts giving foreign investors exposure to local stocks without the restrictions of foreign limits—and only 0.5% in foreign shares.
Despite their net selling position of 107.1 billion baht in 2025, foreigners accumulated a net NVDR purchase of 87.1 billion baht but were net sellers of 190.7 billion baht in local shares and 3.47 billion baht in foreign shares. This trading activity reflects ongoing foreign interest in Thai equities, deploying short-term strategies for profits while maintaining long-term investments through foreign holdings.
