Mitihoon – Kobsak Pootrakool, Chairman of the Federation of Thai Capital Market Organizations (FETCO), revealed that the FETCO Investor Confidence Index (FETCO ICI) in May 2025 (conducted during 19-31 May 2025), which anticipated the market condition over the next three months, is in ‘neutral’ zone at 110.36. The government’s stimulus packet is the most supportive factor, followed by local economic recovery and fund inflow. In the meantime, sluggish Thai economy is the most eroding factor, followed by trade war and fiscal discipline concern.
Highlights of FETCO Investor Confidence Index surveyed in May 2025 are as follows.
- Overall FETCO Investor Confidence index for the next three months (August 2025) is in “neutral” zone (80-110.36 of FETCO ICI Criterion) at 36.
- Confidence of retail investor, and proprietary investor is in “bearish” zone. Institutional investor’s confidence is in “neutral” zone while that of foreign investor is in “bullish” zone.
- Most attractive sector is Banking (BANK).
- Least attractive sector to investors is Automotive (AUTO).
- Most influential factor driving the Thai stock market is the government stimulus package.
- Most important factor impeding the Thai stock market is local economic retreat.
“The survey results in May 2025 show that confidence of retail investor is up 38.5 percent to 59.09, proprietary investors up 25.0 percent to 75.0, institutional investors down 15.9 percent to 110.00 and foreign investors up 125 percent to 150.0.
In May, the Thai capital market was volatile due to internal and external factors. Although the U.S. relaxing its trade policy helped ease tension, slower-than-expected local economic growth tarnished sentiment. The Office of the National Economic and Social Development Council revised down Thailand’s 2025 economic growth to 1.8 percent, compared with 2.8 percent earlier forecast. Moreover, private consumption in the first quarter of 2025 expanded by only 2.6 percent while industrial production in the past five quarters edged up 0.5 percent. At month end, the SET Index closed at 1,149.18, down 4 percent from the previous month with an average daily trading volume of THB 42,474 million. Foreign investors were net sellers of THB 16,182 million and they have cashed out THB 70,749 million during Jan-May.
External factors to monitor includes the U.S. trade policy and trend of economic slowdown as a result of trade war. Trends of higher inflation may also impact on the rate cut decision of major economies’ central banks. Locally, political uncertainty may hurt investor’s confidence and the government’s economic policy implementation. In addition, the number of inbound tourists, especially tourists from China, is likely to recover slowly.”
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