Escalating anti-government protests in Thailand could push one of this year’s worst-performing stock markets even lower, some investors fear, as political instability adds another layer of risk to an already fragile tourism-dependent economy.
Thai stocks were Asia’s worst performers this week, down 2.6 per cent, as protests hit the capital Bangkok where tens of thousands of people defied a ban on demonstrations.
Thailand has suffered a record $8.8 billion in equity outflows over the first nine months of this year, the exchange data shows, as the Covid-19 wrecks the travel-exposed economy and finance and industry-heavy stock index.
“The Thai market is in a slow death towards irrelevancy; protests are just one more thing,” said Jeep Chatikavanij of Ton Poh Fund.
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