Stock investors' expectations for the next three months have fallen slightly on concerns over external factors including the looming US Federal Reserve's first rate hike, China's economic slowdown and softer commodity prices.
The Fetco Nida Investor Confidence Index for the three months to next January declined to 100.12 points from 101.48 in the previous survey.
Expectations swung back to deteriorated in last month's survey after hitting a five-month high in September.
Institutional and foreign investors as well as brokers had more optimistic views of the Thai stock market, but retail investors turned pessimistic to 100.92 points from 107.91 in September's survey, said Paiboon Nalinthrangkurn, director of the Federation of Thai Capital Market Organizations.
The subindex on brokers' confidence picked up to a four-month high, jumping 75% to 100 points.
Institutional investors' confidence improved to 115.73 points from 99.99 and foreign investors' rose to 87.5 from 66.67.
The confidence of all types of investors remained in neutral territory.
According to the confidence measurement, a figure below 80 points is bearish, 80-120 neutral and more than 120 bullish.
The survey also found the property development sector is the most attractive for investors and steel the least interesting.
Mr Paiboon said investors considered economic policy the most positive factor for the Thai stock market, while the international situation is the most negative one.
The SET index is expected to finish this year at 1,450 to 1,500 points, he said.
The benchmark index would be in upward trend, propelled by the government's stimulus measures and further monetary-easing among euro-zone nations and Japan, said Mr Paiboon, who is also chief executive of Tisco Securities.
"Foreign investors have shied away from the Thai equities market in recent years to lower their investment portfolio here but are expected to come back rapidly once the government restores their confidence," he said.
"Setting the country's strategy is not enough as long as it is unable to assure investors about the continuity of such a strategy and policy after this government steps down."
To make sure the strategy will really be put in place, it should be stated in law or the constitution, he said.