• US Dollar (USD)
  • Euro (EUR)
  • British Pound (GBP)
  • Japanese Yen (JPY)
  • Hong Kong Dollar (HKD)
  • United Arab Emirates Dirham (AED)
  • Brunei Dollar (BND)
  • Brazilian Real (BRL)
  • Canadian Dollar (CAD)
  • Swiss Franc (CHF)
  • Chinese Renminbi (CNY)
  • Czech Republic (CZK)
  • Danish Krone (DKK)
  • Egyptian Pound(EGP)
  • Euro (EUR)
  • Fijian Dollar (FJD)
  • British Pound (GBP)
  • Hong Kong Dollar (HKD)
  • Croatian Kuna(HRK)
  • Hungarian Forint(HUF)
  • Indonesian Rupiah (IDR)
  • Indian Rupee (INR)
  • Israeli New Shekel (ILS)
  • Icelandic króna(ISK)
  • Japanese Yen (JPY)
  • South Korean Won (KRW)
  • Sri Lankan Rupee (LKR)
  • Mexican Peso(MXN)
  • Malaysian Ringgit (MYR)
  • New Zealand Dollar (NZD)
  • Norwegian Krone (NOK)
  • Philippine Peso (PHP)
  • Papua New Guinean Kina(PGK)
  • Polish Zloty(PLN)
  • Russian Ruble (RUB)
  • Solomon Islands Dollar (SBD)
  • Swedish Krona (SEK)
  • Singapore Dollar (SGD)
  • Thai Baht (THB)
  • Tongan Pa'anga (TOP)
  • New Taiwan Dollar (TWD)
  • Turkish Lira(TRY)
  • US Dollar (USD)
  • Vietnamese Dong (VND)
  • Vanuatu Vatu (VUV)
  • Samoan Tala (WST)
  • Central French Pacific Francs (XPF)
  • South African Rand (ZAR)
USD
=
AUD

NEWS

Thailand stocks, currency slump amid concern over king's health

 

 
Thailand's benchmark equity gauge and currency have fallen every day after the royal palace said Sunday that King Bhumibol Adulyadej's condition was unstable.AP

by Bloomberg News
 
 
 
Thai stocks and the baht dropped, leading declines in Asia, amid concern over the health of the king and on the prospect of a US rate increase this year.
The baht fell 1 per cent against the US dollar after being down as much as 1.5 per cent earlier. The SET Index retreated as much as 6.9 per cent before closing 2.5 per cent lower. The stock measure has dropped 6.5 per cent this week, the most among about 100 benchmark share indexes tracked by Bloomberg.
Thailand's benchmark equity gauge and currency have fallen every day after the royal palace said Sunday that King Bhumibol Adulyadej's condition was unstable.
The 88-year-old monarch's health is closely watched as he is revered by many for what they say has been his unifying presence during a seven-decade reign. Foreign funds pulled $US426 million ($562 million) from Thai sovereign bonds in the first two days of the week, exchange data show.
 
 
The baht's slide was "mostly related to the king's health," said Sean Yokota, head of Asia strategy at Skandinaviska Enskilda Banken AB in Singapore. "It's about the political stability that the king has provided and his being a reconciliatory buffer between the major parties."
 
 
Thai Prime Minister Prayuth Chan-Ocha returned to Bangkok Wednesday to greet Crown Prince Maha Vajiralongkorn, who returned to the country, said Vilas Arunsri, secretary-general to the prime minister. The prime minister won't make any announcement this afternoon, Vilas said, following rumors that an announcement was expected.
 
Challenging Time
 
The Thai currency traded at 35.719 a US dollar, headed for an eighth day of losses in the longest stretch since July 2015. It sank to 35.902, the lowest since January 26, and is down 2.4 per cent this week. The 10-year sovereign bond yield rose four basis points to 2.34 per cent, the highest since January.
Futures contracts are showing a 68 per cent chance of a Federal Reserve rate hike by December, up from 59 per cent at the end of last month. Minutes of the Fed's September review due later may yield clues on the US rate outlook.
 
 
"Concern about the US interest-rate increase and dollar strength will continue to damp sentiment and foreign fund flows," said Koraphat Vorachet, an investment strategist at Capital Nomura Securities Pcl in Bangkok.
Thailand's stock market faces a "challenging time" with a jump in volatility amid lingering concern over domestic and overseas factors, Kesara Manchusree, the Stock Exchange of Thailand's president, said on Tuesday. The fundamentals of the Thai economy and listed companies' earnings remain strong, she said.
 
 
Source:http://www.afr.com/markets/thailand-stocks-currency-slump-amid-concern-over-kings-health-20161012-gs1120



Share

Kindly Reminder

Do you know you can get a better rate when your order is over 10,000AUD?