Thai stocks tumbles, SET drops nearly 6%

Thailand’s stock exchange, the SET, plunged yesterday along with the region’s other bourses. The index dropped amid concerns over the growing global Covid-19 coronavirus pandemic.

The SET dived 74.57 points, or nearly 6%, to 1,175.32 points. This all happened shortly after the open in a turnover of 9 billion baht. The SET50 index, Thailand’s top 50 listed companies, faired even worse, dropping 59.6 points, or 7.24%, to 763.41.

Asian stocks followed suit, with Australia’s S&P and ASX 200 entered a bear market, having fallen more than 20% from its recent highs. Japan’s Nikkei 225 closed down 2.3%. Hong Kong’s Hang Seng closed down 0.6% and China’s Shanghai Composite lost nearly 1%.

The plunges are in line with markets around the world which were in the red after the World Health Organisation upgraded the designation of the coronavirus a “pandemic”.

Airports of Thailand (AoT) shares were the biggest loser as it shed 5 baht, or 8.26%, to 55.50, while PTT (the Thai petrochemical giant) shares dropped 1.50 baht, or 5.13%, to 27.75.

SOURCE: Bangkok Post | CNN