Mr. Asadej Kongsiri, President of the Stock Exchange of Thailand (SET), stated that as the final quarter of 2026 approaches, supporting catalysts continue to drive investment in the Thai stock market. Notably, domestic investment inflows, particularly from tax-incentive funds such as ThaiESG and Retirement Mutual Funds (RMF), are expected to enter the market in the range of THB 20-30 billion by year-end.
Combined with recent market corrections that have made valuations and dividend yields more attractive, this supports a favorable investment environment. Additionally, a positive sentiment has been generated by government indications to promote personal savings accounts (Thailand Individual Savings Account or TISA), signaling the potential for additional long-term investment inflows.
Foreign investors with a long-term perspective continue to assess opportunities based on fundamentals and earnings growth prospects of listed companies. Currently, foreign holdings in Thai equities stand at approximately THB 6.9 trillion, or 37% of total market capitalization—a record in value terms. While this is partly due to rising share prices, it also reflects continued interest from long-term investors.
Furthermore, foreign fund flows are not limited to the electronics sector but have also moved into banking and resources stocks, indicating diversification across various industries. Although recent heavy sell-offs in the Indonesian stock market due to concerns over MSCI rebalancing may result in some funds shifting to Thai equities, the expected impact is limited.
Nevertheless, the Thai stock market remains cautious, with attention focused on external factors such as uncertainty surrounding U.S. policy following the midterm elections, potential changes in political power, executive orders, and adjustments in global technology stocks. Despite these uncertainties, Thailand’s geopolitical neutrality and potential to attract real investment via the Board of Investment (BOI) and the Eastern Economic Corridor (EEC) continue to enhance the long-term appeal of the Thai capital market.
On the matter of TISA, Mr. Asadej noted that the SET is in discussions with industry stakeholders and is preparing infrastructure to support new, flexible savings schemes, allowing individuals to tailor investments to their life stages and financial status. However, the exchange awaits further policy details from government authorities before proceeding.
Dr. Benjarong Suwankiri, Senior Executive Vice President, Chief Strategy and Finance Officer at SET, added that the rapid progress and regulatory clarity in the artificial intelligence and data center sectors are a positive factor for attracting real investment into Thailand, as foreign investors require clear regulatory guidelines for decision-making.
The SET is advancing its “BOI to IPO” project, engaging with data center, AI, robotics, and other technology companies benefiting from BOI incentives to facilitate capital raising in the market. IPO activity is expected to recover and become more accessible from next year onwards, as target companies and financial advisors increase their readiness.
Dr. Benjarong also reaffirmed the SET’s commitment to supporting the national STI strategy, which encompasses Stabilize Today, Transition Now, and Invest for Tomorrow. The capital market plays a crucial role in transition financing and supporting future investments, while awaiting further guidance from the Ministry of Finance to determine the most appropriate support frameworks.
The SET is also closely monitoring government initiatives aimed at promoting investment in seven targeted industries with a combined revenue goal of over THB 5.4 trillion, although it is too early to estimate the benefits for listed companies within these supply chains.
During the first ten months of this year, the average daily trading value in the Thai stock market approached THB 70 billion, with the market P/E ratio at approximately 13.3 times, denoting increasingly attractive valuations. Energy, banking, and high-dividend stocks have provided stability amid heavy global selling of technology shares.
Regarding the reclassification of Total Return Swap (TRS) transactions from Foreign (F) to Proprietary Trading (P) accounts, SET management confirmed this will not impact the overall market. Most such transactions are conducted by liquidity providers and short-term investors. The new reporting method will be implemented from November 16, 2026, onwards.
