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Thai stock rally set to end on crisis

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The longest rally in Thai stocks since 2012 is poised to end as valuations climb and the nation’s prolonged political crisis derails economic growth, according to Thailand's biggest private money manager. 

Local investors should shift money into United States, European and Japanese shares to reduce risk, Chongrak Rattanapian, the executive chairman of Kasikorn Asset Management Co., said in an interview yesterday. Equity trading in Thailand has dropped by 56 percent this year, while price swings in the country's benchmark index are more than double those of the MSCI World Index of developed-nation stocks.

The SET Index climbed for a seventh day on Wednesday, the longest winning streak since December 2012, as clashes between security forces and protesters subsided and demonstrators removed key road blockades in Bangkok. The rally sent valuations to the highest level this year, even amid central bank forecasts for a second straight year of economic growth below 3%.

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