behavior. Local investors have consistently been net buyers, while foreign investors have remained net sellers each year, though their outflows have moderated from THB -264 billion in 2020 to -107 billion in 2025. Local institutional investors have alternated between net buying and selling, reflecting tactical adjustments amid market volatility. This highlights Thailand's continued reliance on domestic investors for market activity, even as foreign participation remains stock market causing a drop of 7% in the benchmark stock index31 - the worst performing market in Asia.