CHADAMAS CHINMANEEVONG
Investors have seen one trillion baht wiped off share values on the stock market over the past three weeks as a result of domestic political tensions and global inflation concerns.
The month-long sell-off continued yesterday as the Stock Exchange of Thailand index plummeted more than 23 points, or 3%, to close at 742.46 points, its lowest since late January.
Analysts said investors were selling Thai stocks due to weak regional sentiment and concerns that protests led by the People's Alliance for Democracy could turn violent.
PAD leaders plan to march on Government House today to press their call for the resignation of Prime Minister Samak Sundaravej.
Since the PAD issued an ultimatum to the government on May 25, the SET index has dropped more than 13% in value, with market capitalisation now down to 5.8 trillion baht from 6.8 trillion in only three weeks.
Alan Kam, the chief executive officer of Manulife Asset Management, said foreign investors believed economic growth would decline this year.
Inflation rose to a 10-year high in May to 7.6%. Kavee Chukitkasem, an assistant managing director at Kasikorn Securities, said politics was not actually a major concern so long as some form of democracy prevails.
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