The Stock Exchange of Thailand (SET) is extending the application period for president of the bourse by 15 days to May 15 after no one applied for the position, attributed to the sluggish performance of the exchange.
The tenure of SET president Pakorn Peetathawatchai expires in September.
Previously the exchange welcomed applications for the post until April 30, but no one applied.
The position of SET chairman is also vacant after Pichai Chunhavajira abruptly resigned late last week to take the posts of deputy prime minister and finance minister.
"The position of president offers an opportunity for those with knowledge, ability, experience and understanding of the capital market to join the bourse's vision 'To Make the Capital Market Work for Everyone'," said the bourse.
Apichart Phubancherdkul, head of strategy research at Tisco Securities, said the Thai stock market faces major challenges.
Despite high liquidity and heavyweight stocks in the banking and energy sectors, the market is not as attractive to investors as in the past, said Mr Apichart.
Growing industries such as tourism and healthcare have a small weighting in the SET's market capitalisation, he said.
"The government should introduce investment-friendly policies to support outlays in the country and the Thai stock market, including a policy to support long-term investments," said Mr Apichart.
As for the SET chairman, the position vacates a quota of directors from the Securities and Exchange Commission (SEC).
The regulator plans to appoint new directors, then the SET board votes on the position of chairman.
Chak Reungsinpinya, head of research at Maybank Securities (Thailand), said he believes most investors are taking a wait-and-see approach to the Thai market, looking for clearer catalysts before they jump in.
The Thai index has underperformed MSCI Asia ex-Japan by 5.7% year to date, but many investors are keen to explore opportunities.
Recent financial reports from banks and a few major corporates have helped increase investor interest in the market, he said.
Sectors that received the most interest were banks, healthcare and tourism, said Mr Chak.
"Investors view Thai banks as a proxy for both economic and market recovery. Healthcare remains many investors' favourite sector in Thailand based on long-term structural growth and medical tourism," he said.
"As for the broader market, nobody wants to be the first to jump in. However, we think once budget disbursement accelerates and earnings improve from the second quarter, stocks from these sectors could outperform."