(Bloomberg) -- Global funds bought Thai equities by the most in more than a year as investors ramped up bets for an interest rate cut amid weakness in the economy.

Foreigners purchased $176 million of local stocks on a net basis on Wednesday, the highest inflow since Dec. 2022. Prime Minister Srettha Thavisin this week asked the central bank to urgently hold an unscheduled meeting to reduce borrowing cost after data showed slower growth in the fourth quarter. 

There is rising optimism that domestic interest rates will be lowered, which is boosting the outlook for corporate earnings, according to Krungsri Securities Pcl. Strong recovery in domestic consumption and tourism will also support equities, the brokerage said.

READ: Investors Ratchet Up Bets for Thai Rate Cuts on GDP Weakness






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