Aberdeen buys Thailand's stocks amid worst first-day drop | Bangkok Post: news

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Aberdeen buys Thai stocks

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The worst start to a year for Thai stocks since at least 1988 spurred Aberdeen Asset Management Plc to buy after valuations fell to the lowest levels in 18 months. 

An investor reacts as he monitors shared price data displayed on electronic boards at a stock brokerage in Bangkok on Friday. The Stock Exchange of Thailand main index went down 15.83 points or 1.29% at the opening trading session after plunged 5.2% on Thursday on growing fears about the country's political instability. (EPA photo)

The benchmark SET Index (SET) tumbled 5.2% on Thursday amid concern that prolonged political unrest will curb economic growth. That left the measure valued at 10.8 times earnings estimates for the next 12 months, the cheapest since June 2012, data compiled by Bloomberg show. The gauge's 14-day relative strength index sank to 19.91, below the 30 threshold that some traders use as a signal to buy. The last time it fell this low, in Oct 2008, the SET rallied 20% in two weeks.

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