Bluebell sees a recovery in Thai stocks, receiving positive signals from Anutin Charnvirakul's impending formation of a coalition government, boosting the retail and consumer sectors.

Bluebell Securities views the stock market as beginning to reflect positive factors from the clear election results, with the Bhumjaithai Party showing signs of securing more seats. This is positive for domestic play stocks that benefit from short-term economic stimulus measures. However, investors are still warned to be cautious of risks if listed companies' earnings fall below expectations.

On February 9, 2026, Bluebell Securities Co., Ltd. stated in an analysis that the Thai stock market rose by more than +2.83% after the market began to reflect positive factors from the clearer election results. Following the closure of the polls at 5:00 PM on February 8, 2026, the Election Commission (EC) has been gradually reporting preliminary vote counts to the public. It is expected that the unofficial results will cover more than 90% of the total votes.

The Bhumjaithai Party, led by current Prime Minister Anutin Charnvirakul, is projected to win 191 seats out of 500 in the House of Representatives, according to preliminary vote counts from the Election Commission. Approximately 94% of the votes have been counted nationwide. This number of seats is almost three times higher than the results of the 2023 election.

Speaking to reporters in Bangkok on Sunday night, after preliminary results began to become clear, Mr. Anutin expressed confidence in the Bhumjaithai Party's victory and announced that discussions with other political parties to form a coalition government would begin next.

Overall, the Thai stock market is seen as rising, primarily driven by domestic play stocks. This reflects improved confidence in the political stability of the new government, especially regarding clarity on government formation and political alliances. The main supporting political parties have implemented short-term economic stimulus policies through measures to encourage private sector spending, boosting positive sentiment towards economic activity and investment. As a result, confidence in the Thai stock market is recovering in this period.

However, we still view the Thai stock market as facing risks if the earnings of listed companies fall below investor expectations, which could put pressure on earnings forecasts and the market direction in the coming period.

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