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Baht Reverses Losses as Overseas Investors Buy Stocks, Bonds

Nov. 2 (Bloomberg) -- Thailand’s baht advanced, reversing earlier losses, after international investors added to their holdings of the nation’s assets.

Global funds purchased $162 million more local government debt than they sold yesterday, the biggest net buying since Oct. 4, and bought $51 million more equities, according to data from the stock exchange and the Thai Bond Market Association. The baht hit its weakest level in more than a week earlier amid concern the worst floods in almost 70 years, which have swamped factories and destroyed farms, will hurt exports and economic growth.

“It’s probably the fund inflows that supported the baht on a day to day basis,” said Minoru Shioiri, chief manager of foreign-exchange trading at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo. “Still, I don’t see the baht rising sharply from here as the floods may slow production and exports.”

The baht added 0.3 percent to 30.80 per dollar as of 3:09 p.m. in Bangkok, according to data compiled by Bloomberg. It rebounded from 30.95 earlier, the weakest level since Oct. 24.

The yield on the 5.25 percent debt due May 2014 was unchanged at 3.17 percent, according to data compiled by Bloomberg.

To contact the reporter on this story: Yumi Teso in Bangkok at yteso1@bloomberg.net

To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net

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