The Thai stock market in 2026 has regained attention after foreign fund flows reversed to continuous net buying since the start of the year, accumulating nearly 20 billion baht after three consecutive years of net selling (2023-2025).
This has propelled the SET Index to soar and hold above the 1,500-point level. This recovery in figures and statistical charts marks a critical turning point that has helped restore confidence among both domestic and foreign investors.
The positive momentum is not only from short-term speculative capital inflows but also from several structural factors and new stories preparing to become the "main driving engines" for the Thai capital market going forward.
Dr. Saraphol Tulayasathien, Deputy Managing Director and Head of Corporate Strategy and Finance at the Stock Exchange of Thailand, revealed that Fund Flow and the Thai stock market showed a clear recovery in April, with the index rising about 3% and trading value exceeding 50 billion baht.
Although foreign investors sold heavily in March, in April foreign sales dropped to only 2 billion baht. Calculating net amounts since the start of the year, foreign capital inflows have totaled nearly 20 billion baht.
This recovery momentum continued positively into May, with the index successfully holding above 1,500 points.
Assadet Kongsiri, Director and Manager at the Stock Exchange of Thailand, said that at the end of May, attention should be on MSCI's investment weight rebalancing. So far, the Thai stock market has benefited from market capitalization growth and a 20% rise in the index since the beginning of the year.
However, MSCI has introduced a new calculation method affecting all countries worldwide, and the impact remains to be seen. Initially, no significant effects have been observed.
Additionally, the credit rating agency Moody's upgraded Thailand's outlook from "Negative" to "Stable," which has helped boost confidence among foreign investors.
Global capital markets are entering an era dominated by technology and AI stocks, such as in the U.S. and South Korea, where tech companies listed have attracted significant investment.
Thailand has begun efforts to restructure its capital market to accommodate New Economy companies playing a larger role.
Currently, the Stock Exchange is accelerating plans to diversify listed companies, particularly by attracting technology and New Economy businesses to raise capital in the Thai stock market.
Sarawit Krairiksh, Deputy Managing Director and Head of Marketing at the Stock Exchange of Thailand, stated that although Thai tech and AI companies remain relatively small and mostly operate downstream, their business scale currently does not meet criteria for stock market listing.
Nonetheless, the Stock Exchange is in discussions with the Board of Investment (BOI) to find ways to support and attract New Economy companies.
Especially companies promoted by BOI could be facilitated to list on the stock exchange more easily, possibly including adjusting criteria or creating support mechanisms suited to their business characteristics.
It is expected that clarity on these guidelines will emerge by the third quarter of 2026. If successful, this will increase opportunities for the Thai capital market to include more technology and innovation stocks, making it more attractive to investors.
Regarding Thailand’s economic fundamentals, Dr. Saraphol Tulayasathien sees a positive trajectory, especially driven by government policies stimulating the economy and long-term infrastructure investment.
The Landbridge project is a key story driving the country’s transportation strategy, which will positively affect the economy and Thai capital markets in the long term.
Regarding the 400 billion baht government loan decree, the crucial point is "how the funds are used." This sum is expected to be allocated mainly to two areas: assisting those affected and restructuring the economy to reduce energy dependence.
"If infrastructure policies materialize, they will benefit our country... We will have to see how government policies unfold, but they seem to be on the right path, and foreign investors have confidence," he said.
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