Thai stocks lead Southeast Asia declines

Thai stocks lead Southeast Asia declines

A trader looks at an electronic stock display showing plunging share prices on Monday. (Photo by Seksan Rojjanametakul)
A trader looks at an electronic stock display showing plunging share prices on Monday. (Photo by Seksan Rojjanametakul)

The Stock Exchange of Thailand shares fell 3.6% on Monday in their biggest intraday percentage drop since August 2015.

The plunge came after the Royal Household Bureau said late on Sunday that His Majesty the King's health was in an unstable condition after receiving haemodialysis treatment.

The Thai main index closed at its lowest in over three weeks, dragged down by financial and consumer stocks.

Investors shrugged off Deputy Prime Minister Somkid Jatusripitak's comment that Thailand's economy is expected to grow 3.2% to 3.5% this year.

"In the short term, it will create some uncertainty for Thailand, which will mean we'll see not as many people wanting to invest," said Josh Crabb, head of Asian equities at Old Mutual Global Investors in Hong Kong.

Vietnam fell 1.4% to its biggest intraday percentage loss in nearly a month as energy and basic materials sectors performed poorly.

Petrovietnam Gas Joint Stock Corp and construction steel producer Hoa Phat Group JSC lost nearly 5% each.

Oil prices fell on Monday over doubts that an Opec-led plan to cut output would ease a supply glut that has dogged markets for over two years. 

Philippine stocks declined for a fourth consecutive session to its lowest in three weeks as investors appeared to take a step back from ploughing funds into the broader market as they awaited Pilipinas Shell Petroleum Corp's initial public offering. 

"I believe a lot of domestic investors are conserving funds for the IPO," said Joseph Roxas, an analyst with Manila-based Eagle Equities.

Singapore shares fell to their lowest in a week, pulled down by consumer goods and oil and gas.

Southeast Asian stock markets

 

 

Current

Previous

% change

Indonesia

5,360.82

5,377.14

-0.30

Malaysia

1,655.32

1,665.38

0.00

Philippines

7,534.71

7,578.29

-0.58

Singapore

2,870.24

2,875.24

-0.17

Vietnam

674.19

683.95

-1.43


Do you like the content of this article?

Disgraced former monk returns to Thailand, warmly received

NAKHON SI THAMMARAT: Disgraced, expelled from the monkhood for sexual misconduct and forced to flee overseas, the former Phra Yantra Ammaro Bhikku recently returned to his hometown in Pak Phanang district to celebrate his 70th birthday.

17:48

Indonesia tightens air travel curbs

Indonesia is tightening air travel measures to ensure an anticipated jump in the number of passengers ahead of year-end holidays won’t lead to a resurgence in coronavirus infections.

17:17

US bans Malaysian firm's gloves over forced labour

The United States has barred imports from a Malaysian latex glove maker over alleged labour abuses, the latest firm from the country to face such a ban.

15:30