Despite a net seller position, data compiled by the SET shows the value of foreign holdings has steadily increased over the past several years, reports the Bangkok Post.
Foreign investors held B5.13trn, or 26.5% of market capitalisation, in December 2021. The figure rose to B6.02trn (29.6%) in 2022, before easing to B5.11trn (29.4%) in 2023.
Holdings increased again to B5.83 trn (33.8%) in 2024, followed by B5.61trn (35.7%) last year, then hit a new peak of B6.11trn in the first month of 2026. The baht was 31.39 to the US dollar as of Jan 30, based on figures compiled by the Bank of Thailand.
Foreign investors were net sellers of Thai equities worth B107bn last year, which analysts attributed to short-term profit-taking. In contrast, there was net buying of non-voting depository receipts totalling 87.1 billion baht, suggesting continued investment exposure to Thai companies through alternative investment channels.
According to the SET, several factors contributed to the steady rise in foreign holdings, led by improved political stability following Thailand’s elections.
An accommodative monetary policy outlook and relatively attractive valuations of Thai equities compared with regional peers are other supporting factors.
In addition, large-cap equities reported stronger earnings than expected, which reinforced investor confidence in the country’s corporate sector, the bourse said.
The data indicates while foreign investors may engage in periodic short-term selling, their long-term exposure to Thai equities continues to expand, reflecting sustained confidence in Thailand’s capital market and economic prospects, noted the SET.
"The increasing shareholdings of foreign investors in the Thai stock market suggest overseas investors remain actively engaged and interested in investing in Thai equities," said the bourse.
Foreign trading activities, categorised by securities-based voting rights at shareholders’ meetings, revealed the investment objectives of foreign investors and reinforce the attractiveness of Thailand’s equity market, noted the SET.
In 2025, foreign investors accounted for total trading value of B10.5trn in the Thai stock market, representing 52.8% of the total. This marked the largest trading share among all investor groups, a position that foreign investors have maintained since 2022.
"The proportion of trading value generated by foreign investors has exceeded half of the total market trading value for three consecutive years, highlighting the dominant role played by overseas investors in Thailand’s equity market," noted the SET.
Investors traded roughly 1.83 times the value of their average holdings, underscoring the high level of liquidity and active participation of foreign investors in the Thai stock market, said the bourse.