Stocks down on politics, virus fears

Stocks down on politics, virus fears

The Stock Exchange of Thailand tumbles on Wednesday due to fears of a possible second wave of virus spread. (Bangkok Post photo)
The Stock Exchange of Thailand tumbles on Wednesday due to fears of a possible second wave of virus spread. (Bangkok Post photo)

Thailand’s stock market plunged 1.6% from the previous day as concerns flared over heightening domestic political tensions and two women tested positive for Covid-19 infection after completing state quarantine.

The Stock Exchange of Thailand index fell 21.44 points to close at 1,308.67 points in turnover worth 57.28 billion baht.

Foreign investors were net sellers at 4 billion baht and brokerage firms sold 56.8 million worth of shares.

Sri Trang Gloves (Thailand) Plc was the most active stock with share price edging up by 4.33%. On the contrary, the share price of Minor International Plc plunged by the most 4.9% followed by Airports of Thailand Plc (-3.6%) and Bangkok Dusit Medical Services (-3.4%).

Sunthorn Thongthip, vice-president of Kasikorn Securities, said the SET index plunged lower than most regional bourses because of the domestic political unrest and emergence of a local infection outside state quarantine.

Investor sentiment was rattled as the lockdown measures could be reintroduced given the second wave of virus outbreak in Thailand, said Mr Sunthorn.

The alarm was raised by a Facebook post claiming that positive cases were found at Ramathibodi Hospital.

Disease Control Department director-general Suwannachai Wattanayingcharoenchai told a press conference that the two new cases were Thai women from the United Arab Emirates who had completed the 14-day state quarantine programme and returned home.

It was the first cases of the virus outside state quarantine in nearly 3 months. Thailand has officially detected no local transmission for 86 days as of Wednesday.

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