in 20247, significantly lo er than Taiwan's 54%33 and South orea's 64%34, highlighting a significantly smaller retail presence in the Thai market. From 2020 to 2024, retail trading activity across Thailand, South Korea, and Taiwan declined slightly as the markets normalized following the pandemic-driven surge in individual investing. During this period, Thailand's retail share fell from 43% to 32%, South Korea's from 76% to 65%, and Taiwan's from 62% to 54%, Thailand's retail contribution remains lower than peers, even after accounting for normalization effects, as shown in Thailand's local institutional investors have increased in contribution between 2021-24, primarily due to the significant decline in retail investor contribution. In absolute terms, the trading value for institutional trading value is from retail investors (more than 4x in 2025 YTD), absolute value remained largely unchanged between 2020-24 for retail investors. On the other hand, Taiwan's trading value of retail investors surged in 2021, dropped for about 53% of total trading value, compared to 33% in Taiwan and just 15% in Korea. This strong foreign Taiwan, foreign and local investor behaviors show distinct patterns that shape each market's dynamics. Thailand stands out for its persistent and sizable foreign outflows, which continued from 2020 through 2024, whereas Korea's foreign selling was concentrated mainly in 2020-2021 and Taiwan's remained more moderate. While foreign investments 2020-24, and Taiwan stood out with foreign investor trading surging during 2020-24.