Despite significant foreign fund outflows in the past year, domestic investors have remained resilient. The report noted that while earnings growth may slow slightly, government policies are providing a positive boost for equities, and most foreign funds remain lightly positioned.

The report highlighted that foreign investors have mostly sold in Asian markets this year. Yet, Indian equities have gained about 20 per cent due to steady inflows from retail investors. Meanwhile, momentum in Chinese equities may slow despite recent gains, especially in Hong Kong.

HSBC also commented on other Asian markets. Japan, Korea, and Taiwan attract investors via AI-focused trades, though Korea is now crowded. ASEAN markets face low investor confidence, influenced by political issues in Thailand and Indonesia. Valuations in Japan and Korea have risen, and the weaker yen has supported Japanese equities.

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Charnvirakul, who previously served as Deputy Prime Minister, now takes on the responsibility of leading the country during a period of economic recovery and political uncertainty. His leadership will be pivotal in steering Thailand through post-pandemic challenges, including job creation, economic reforms, and public health policies.

In his victory speech, Charnvirakul outlined his plans for job creation, boosting local industries, and improving Thailand’s healthcare system, especially focusing on the rural economy and infrastructure development. He also emphasized strengthening ties with neighboring countries and international allies to improve Thailand’s position in global trade and diplomacy.

His victory is viewed as a shift in Thailand’s political direction, as the country has faced political volatility, including military influence in governance. Charnvirakul’s Bhumjaithai Party has promised to promote democratic values while focusing on economic prosperity.

The election results have been met with mixed reactions, with supporters hopeful for reform, while critics raise concerns about the influence of political parties and the challenges of managing a coalition government. Charnvirakul’s leadership will likely be tested in the coming months as his government works to tackle Thailand’s most pressing issues.

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