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Thai Stocks Slump Most in 2 Weeks as Foreign Selling Accelerates

April 5 (Bloomberg) -- Thailand’s stocks tumbled the most in two weeks after a selloff by global funds weakened the outlook of the nation’s equities.

The SET Index slid 2.6 percent to close at 1,489.53, the biggest decline in Asia after the Hong Kong’s benchmark gauge. The Thai measure sank 4.6 percent this week, capping its steepest weekly loss since March 22. PTT Pcl, the nation’s largest company by market value, dropped 1.6 percent to the lowest level in four months after oil declined.

Overseas investors sold a net 3.08 billion ($105 million) of Thai equities yesterday, the biggest outflow since March 20, according to exchange data compiled by Bloomberg. Thai stocks erased losses yesterday after the nation’s anti-corruption agency dismissed a case against Prime Minister Yingluck Shinawatra and the central bank ruled out the possibility of property-price controls.

“Sentiment in the Thai stock market is really subdued,” Jitra Amornthum, the head of research at Finansa Syrus Securities Pcl, said by phone today. “Local individual investors are concerned that outflow of overseas funds may accelerate.”

Some investors may also sell stocks ahead of the long weekend break amid concerns about the widening bird flu infections in China and tensions in the Korean peninsula, Jitra said. Thai financial markets will be closed on April 8 for a public holiday.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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