Mr. Kobsak Pootrakool, Chairman of the Thai Capital Market Business Council, revealed the Investor Confidence Index (FETCO Investor Confidence Index) survey results for November 2023 (conducted from November 20 to 30, 2023). The index indicates that the "Investor Confidence Index (FETCO Investor Confidence Index: ICI) for the next three months is at a 'stable' level of 118.28. Investors believe that government economic stimulus measures are the most significant factor supporting confidence, followed by the recovery of the tourism sector and expectations for a resolution of international conflicts. Conversely, the factors that most undermine investor confidence include international conflict situations, domestic economic recession, and inflation.

The Investor Confidence Index (FETCO Investor Confidence Index) survey for November 2023 summarized the following results:

  • The overall investor confidence index for all investor groups in the next three months (February 2024) is at a 'stable' level (index range 80-119) at 118.28.
  • Confidence among individual investors, brokerage accounts, and institutional investors is at a 'stable' level, while foreign investors are at a 'bullish' level.
  • The most interesting business sector is tourism and recreation (TOURISM).
  • The least interesting business sector is automotive (AUTO).
  • The most influential factor supporting the Thai stock market is government economic stimulus measures.
  • The most influential factor undermining the Thai stock market is the situation of international conflicts.

As of November 2023, the survey results by investor group show that confidence among all investor groups has decreased. Individual investors decreased by 26.8% to a level of 101.54, brokerage accounts decreased by 40.0% to a level of 90.00, domestic institutional investors decreased by 15.6% to a level of 118.18, and foreign investors decreased by 25.9% to a level of 133.33.

The SET Index slightly increased during the first half of November 2023 due to better-than-expected earnings reports from listed companies across several industries. However, the SET Index declined after the announcement of the U.S. presidential election results, where Mr. Donald Trump won, which has policies that support the U.S. stock market, leading to capital outflows from emerging markets, including Thailand. Additionally, the FED is likely to slow down the reduction of the policy interest rate. As of the end of November 2023, the SET Index closed at 1,427.54, down 2.6% from the previous month. The average daily trading volume in November 2023 was 44.256 billion baht, with foreign investors net selling 13.597 billion baht. Since the beginning of the year, foreign investors have net sold over 136.354 billion baht.

Key external factors to monitor include the announcement of U.S. import tariffs after President Donald Trump takes office on January 20, 2024, the outcome of the FED meeting regarding interest rate adjustments or maintenance after inflation has decreased but remains above the 2% target, and the renewed tensions in the Russia-Ukraine situation. Domestic factors to watch include the recovery of the Thai economy supported by the tourism sector and government measures such as the digital currency phase 2 project and debt relief measures, along with support from tax-deductible fund purchases like RMF, SSF, and ThaiESG towards the end of the year.