Foreign fund inflows into Thailand: first net buy in 3 years, with listed-company earnings supporting H2 inflows

For the first time in 3 years, foreign investors turned net buyers of Thai stocks in the first half, putting in about THB 27 billion. The main driver was strong performance from Thai listed companies, with first-quarter combined net profit hitting a record high. Analysts also expect inflows to continue in the second half.

Key points

• Foreign investors turned net buyers of the Thai stock market in H1 for the first time in 3 years, investing about THB 27 billion
• The main factor was strong earnings from Thai listed companies, with first-quarter combined net profit at a record high
• Analysts believe inflows will continue in H2
• The Thai stock market remains attractive because the policy rate is unchanged, and equity returns remain appealing

Foreign investors return to net buying, THB 27 billion in H1

Foreign funds flowed back into Thailand's financial markets in the first half of this year after 3 straight years of net selling. The amount flowing into stocks exceeded THB 27 billion. Analysts said the second half may be volatile because of global interest-rate trends, but Thailand still has factors supporting gradual foreign inflows, and they recommend a selective investment strategy focused on high-dividend stocks, lagging shares and stocks with special upside catalysts.

Phradon Thianpramote, head of research at Asia Securities, said the overall fund-flow picture in H1 was a positive signal for Thailand's capital market, because foreign investors returned as net buyers of Thai stocks for the first time in 3 years after more than THB 450 billion of cumulative net selling.

In H1, foreign investors were net buyers of about THB 27 billion, or around USD 880 million, in Thai stocks. Thailand was one of only two markets in Asia with net foreign inflows, alongside Japan, while most markets in the region faced foreign selling pressure.

H2 support factors and a selective strategy

The key support for Thai investments comes from strong earnings at listed companies, with first-quarter combined net profit at a record high. Fund flows were also affected by war developments and commodity price adjustments, leading foreign money to buy energy and raw-material stocks that benefited from higher prices; at the same time, foreign investors sold war-sensitive stocks and early-reopening theme stocks, while tourism and hospital shares also came under pressure.

Looking at the second-half trend, global markets are expected to become more volatile as monetary policy tightens, and the U.S. Federal Reserve still has room for 2-3 rate hikes. However, the Thai stock market still has a chance to attract foreign support because Thailand's policy rate is expected to stay unchanged, keeping the gap between equity returns and interest rates at a relatively attractive level compared with many countries.

Investors are advised to buy selectively, focusing on stocks that have lagged the market, high-yield names and individual stocks with special catalysts. Recommended banks include TTB, which is expected to pay an interim dividend of about 3%, the highest among major banks, as well as BBL, KBANK and KTB.

Stocks that benefit from economic activity recovery include BDMS and BH, and tourism and hotel names such as CENTEL and ERW, which are expected to keep improving in Q2-Q3.

For investors who want to speculate on specific themes, water and sugar names such as TTW, EASTW and KSL are recommended to benefit from hot weather and from El Niño risks that could affect future agricultural prices and water demand.

Top 10 foreign net buys and net sells in H1 (NVDR)

According to a Bangkok Business News survey, SET NVDR data show the top 10 stocks bought and sold by foreigners in H1 (through July 1, 2026) were as follows:

Top 10 foreign net buys

1. PTTEP net buy value THB 25.42047 billion, average price about THB 141.70/share
2. KBANK net buy value THB 20.26837 billion, average price about THB 195.35/share
3. PTT net buy value THB 19.09673 billion, average price about THB 35.20/share
4. KTB net buy value THB 6.96202 billion, average price about THB 33.28/share
5. DELTA net buy value THB 6.04331 billion, average price about THB 269.66/share
6. PTTGC net buy value THB 5.55519 billion, average price about THB 31.43/share
7. BBL net buy value THB 5.08339 billion, average price about THB 168.59/share
8. TOP net buy value THB 4.82175 billion, average price about THB 46.68/share
9. CPALL net buy value THB 4.29536 billion, average price about THB 46.73/share
10. AOT net buy value THB 3.80725 billion, average price about THB 53.69/share

Top 10 foreign net sells

1. SCB net sell value THB 4.72952 billion, average price about THB 140.27/share
2. CPF net sell value THB 3.51798 billion, average price about THB 19.90/share
3. TISCO net sell value THB 2.05887 billion, average price about THB 113.07/share
4. MINT net sell value THB 1.80287 billion, average price about THB 22.82/share
5. COM7 net sell value THB 1.20868 billion, average price about THB 23.30/share
6. OR net sell value THB 965.30 million, average price about THB 12.89/share
7. BDMS net sell value THB 933.76 million, average price about THB 19.28/share
8. TIDLOR net sell value THB 708.51 million, average price about THB 17.13/share
9. TRUE net sell value THB 531.27 million, average price about THB 13.28/share
10. MTC net sell value THB 448.21 million, average price about THB 30.94/share