Mr. Kobsak Pootrakul, Chairman of the Thai Capital Market Business Council, revealed that the investor confidence index survey for January 2026 showed the index for the next three months rose to a very strong level at 165.37. Investors viewed capital inflows as the strongest confidence booster, followed by domestic politics. Meanwhile, the monetary policy of the U.S. Federal Reserve (FED) was the biggest drag on investor confidence, followed by international conflicts, domestic political uncertainties, and Eurozone economic conditions.
Regarding investor confidence indices, individuals, securities company account groups, and institutional investors were in the strong confidence category, while foreign investors were in the very strong category. The most attractive business sector was banking (BANK), while the least attractive was real estate development (PROP).
The factor with the greatest positive influence on the Thai stock market was capital inflow, while the most significant negative influence was international conflicts.
Domestically, key issues to watch include politics as a main variable—particularly election results, new government formation, and the constitutional referendum. Thailand’s economy is forecast to grow at a low rate of only 1.5–1.8% in 2026, the lowest in several years. Additionally, investors should monitor the Q4 2025 financial reports of listed companies, which will be important indicators for the future direction of the Thai stock market.
International factors to watch include the U.S. trade war and tariffs, which will impact Thai listed companies, especially exporters and importers; interest rate trends in major economies, which affect capital flows in emerging markets; increasing geopolitical risks and U.S.-Europe tensions; rising Middle East tensions; and the possibility of U.S. military action against Iran, which would support energy prices and increase pressure on the global economy.
In January 2026, the SET Index traded in a narrow range of 1,230–1,285 points before rising above 1,300 points in the second half of the month. This was driven by the global "Sell America" trend, where investors worldwide sold U.S. assets due to conflicts between President Donald Trump and Europe over Greenland. Rising gold prices and a strengthening baht also contributed, leading to foreign capital returning to the Thai market. Foreign investors had a net purchase of 4.345 billion baht in January. The Thai stock index closed at 1,325.62, up 5.24% from the previous month, with an average daily trading volume of 46.496 billion baht.