Photographer: Dario Pignatelli/Bloomberg
Thailand’s key equities gauge tumbled to its lowest level in more than six months on concern mounting anti-government protests will further hurt company earnings and delay an economic recovery.
The benchmark stock index slid 1.8% to 1,212.12 as of 11:18 a.m. in Bangkok, its lowest level since April 16. The measure has erased almost 5% since Oct. 14, when organizers called for the latest round of demonstration against Prime Minister Prayuth Chan-Ocha.
“The stock market fears uncertainty from the anti-government protests, which will be prolonged and may lead to some violence,” said Vathan Jitsomnuk, a strategist at Country Group Securities Pcl. in Bangkok. “Defensive investors should wait for a clearer situation before buying shares again.”
Tens of thousands of pro-democracy protesters rallied in the capital for a fifth day on Sunday, defying a ban on gatherings and the threat of crackdowns by the police. Thai lawmakers are set to meet on Monday to decide on convening a special parliament session to discuss ways to end the escalating protests, which are calling for Prayuth’s resignation, constitutional changes, and reform of the monarchy.
BTS Group Holdings Pcl and Bangkok Expressway and Metro Pcl each fell more than 5% Monday. The mass transit operators were ordered to shut some services over the weekend amid the demonstrations. Central Pattana Pcl and Central Retail Corp. Pcl, which operate shopping malls in Bangkok, each dropped more than 6%.
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October 19, 2020 at 11:20AM
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Thai Stocks Slump to Six-Month Low on Anti-Government Protests - Bloomberg
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