Singapore takes top spot as foreign Thai equity holdings reach THB7.69tn

Singapore has overtaken the United Kingdom as the largest source of foreign shareholdings in Thailand for the first time in more than a decade, as the value of overseas investors' holdings climbed to THB7.69 trillion at the end of July 2026.

The Stock Exchange of Thailand (SET), in its SET Note No. 15/2026, reported that foreign investors held shares worth 37.86% of the Thai stock market's total market capitalisation.

The study covered 859 listed companies with a combined market capitalisation exceeding THB20.23 trillion, representing 97.96% of the market's total value.

Foreign shareholdings increased by 73.67% from THB4.43 trillion at the end of June 2025, largely reflecting higher share prices rather than additional investment alone.

The SET Index rose 49.02% over the same period, while foreign investors recorded net purchases of THB47.46 billion between July 2025 and July 2026.

However, the market weakened after the July assessment. The SET Index closed September 2026 at 1,559.01 points, down 3.98% from the end of July, while foreign investors recorded net sales totalling THB51.01 billion in August and September.

Singapore overtakes UK after more than a decade

Singaporean investors accounted for the largest share of foreign holdings, valued at THB2.42 trillion, or 31.51% of the total.

Their investments were concentrated in major listed companies included in the MSCI Thailand Index, particularly those in electronic components, technology and energy.

The United Kingdom, which had held the leading position for more than 10 consecutive years, slipped to second place with holdings worth THB1.96 trillion, equivalent to 25.54%.

Hong Kong ranked third at THB927.07 billion, or 12.05%.

The remaining countries and territories in the top 10 were the Netherlands, Switzerland, Japan, the United States, Taiwan, France and Mauritius, respectively.

Together, investors from the 10 leading countries and territories held shares worth THB7.50 trillion, accounting for 97.53% of all foreign shareholdings.

By region, Asian investors held the largest proportion at 52.47%, worth THB4.04 trillion, followed by European investors at 41.57% and those from the Americas at 4.58%.

Technology dominates foreign portfolios

Technology remained the largest industry group in foreign investors' portfolios, with shareholdings valued at THB4.16 trillion.

The financial sector ranked second at THB1.31 trillion, followed by resources at THB867.32 billion.

These three industry groups accounted for a combined 82.46% of the total value of foreign shareholdings.

Within individual business sectors, electronic components attracted the highest value of foreign investment, with holdings worth THB3.43 trillion, representing 44.62% of the total.

Banking followed at THB1.16 trillion, or 15.03%, while energy and utilities ranked third at THB867.32 billion, equivalent to 11.28%.

The findings also showed that 75.64% of foreign shareholdings were concentrated in companies included in the MSCI Thailand Index.

This reflected foreign investors' continued preference for large listed companies with relatively high liquidity and recognition among international investors.

Foreign investors favour voting rights for long-term holdings

The SET report also highlighted differences between how foreign investors hold shares and how they trade them.

Foreign shares accounted for 85.63% of the total value of foreign holdings, allowing investors to retain both voting rights and financial benefits.

The remaining 14.37% was held through non-voting depository receipts (NVDRs), which provide financial benefits without shareholder voting rights.

For shorter-term trading, however, foreign investors tended to use NVDRs and local shares because they generally offered greater liquidity than foreign shares.

Domestic investors retain largest ownership share

Despite the sharp increase in the value of overseas holdings, domestic investors continued to account for the largest proportion of Thailand's stock market ownership.

Their combined share stood at 40.03%, comprising 22.22% held by individual investors and 17.81% by other domestic corporate investors.

Foreign investors followed closely at 37.86%, while domestic institutional investors held 21.92%.

Securities firms accounted for the remaining 0.19% of market ownership.

The findings underline the growing value of foreign investors' holdings in Thai equities, although much of the increase reflected rising share prices, and subsequent market movements showed that the value of those holdings remained subject to change.