Thai Stocks Drop Most in Asia on Outflow Concern: Bangkok MoverAnuchit Nguyen
Thailand’s stocks fell, reversing earlier gains, amid speculation overseas investors may add to the biggest monthly net sales in almost two years.
The benchmark SET Index slid 3 percent to close at 1,427.42, the steepest loss in a week and the most among Asian benchmark indexes. Siam Commercial Bank Pcl, the nation’s third-biggest lender by total assets, and PTT Pcl were the biggest drags on the index. All but one of the gauge’s 27 industry groups retreated.
“More pressure from foreign selling is likely,” Veera Vutthikongsirigool, chief investment officer at Krung Thai Asset Management Co., which oversees about $14 billion of investments, said today. “Market volatility will remain high.”
Foreign investors sold a net $1 billion of Thai shares in June through yesterday, the most for a month since August 2011, according to exchange data compiled by Bloomberg. The SET has plunged 13 percent since May 22, when Federal Reserve Chairman Ben S. Bernanke said U.S. policy makers may scale back stimulus efforts if the employment outlook improves sufficiently.
The recent declines pared the SET gauge’s gain this year to 2.6 percent, after the measure surged 36 percent in 2012.
Siam Commercial sank 4 percent to 167 baht. PTT tumbled 2.4 percent to 321 baht.