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Global Funds Aren’t Buying Thai Junta’s Year of Happiness

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Thailand’s army chief pledged to return happiness to the country after seizing power a year ago. Foreign investors aren’t buying it.

Global money managers have sold a net $784 million of Thai equities since Prayuth Chan-Ocha took over in a May 22 coup, the only net outflows from eight Asian stock markets tracked by Bloomberg. While the benchmark SET Index has risen 8.8 percent in the period through yesterday, Morgan Stanley predicts gains won’t last as the outlook for the economy and corporate earnings worsens, while UBS Group AG has cut its position in the nation’s stocks to underweight from neutral.