Kobsak Pootrakool, Chairman of the Federation of Thai Capital Market Organizations (FETCO), disclosed the results of the Investor Confidence Index survey for December 2025. The survey, conducted between December 19–31, 2025, showed that the Investor Confidence Index for the next three months (March 2026) increased to 156.60, indicating a “heated” level.
The survey indicated that the most positive factor influencing investor confidence is clearer domestic political conditions, followed by capital inflows and the policy rate cut by the Federal Reserve (Fed). Meanwhile, the main factors weighing down confidence remain the risk of domestic economic slowdown and baht volatility.
When classified by investor groups, retail investors maintained a “neutral” level of confidence, while proprietary traders and domestic institutional investors exhibited a “heated” sentiment. Foreign investors showed a “very heated” confidence level, reflecting a highly positive outlook for the market’s direction.
The most attractive sector among investors is the banking sector, while the fashion sector is seen as least attractive at this time.
Overall, the Thai stock market in December 2025 saw the SET Index decline due to several pressures, including the political situation ahead of new election announcements, Thailand–Cambodia border tension, global stock market volatility from large technology stock sell-offs in the U.S., and thin trading volume at year-end.
However, the market found support from greater political clarity after the election announcement, a 25 basis point rate cut by the Monetary Policy Committee (MPC) to 1.25%, and a similar 0.25 percentage point cut by the Fed to a range of 3.50–3.75%. As a result, the SET index closed at 1,256.67 at the end of December 2025, almost unchanged from the previous month.
In terms of capital flows, foreign investors recorded a net buy of THB 6,202 million in December 2025, with average daily trading at THB 31,474 million. However, for the whole of 2025, foreign investors remained net sellers, totaling over THB 107,097 million.
Key factors to monitor going forward include global and Chinese economic trends that affect Thai exports, as well as domestic political stability.
