THAILAND'S EQUITIES TUMBLE DUE TO PROTESTS
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.
Bangkok Post reported that the benchmark stock index slid 1.8% to 1,212.12 as of 11.18am in Bangkok, its lowest level since April 16. The measure has erased almost 5% since Oct 14, when organisers called for the latest round of demonstrations against Prime Minister Prayut Chan-o-cha.
“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 Plc 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. 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 Gen Prayut’s resignation, constitutional changes, and reform of the monarchy.