Thai Stocks Slump 9% After Bangkok Goes into Partial Lockdown
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Thailand’s stocks tanked after Bangkok and metropolitan areas went into partial lockdowns Sunday after cases of the disease known as Covid-19 surged.
The benchmark SET index closed down 9.1% to its lowest level since 2011. Trading was earlier suspended for 30 minutes after the measure sank 8%, the first threshold for a circuit breaker. The Stock Exchange of Thailand last week revised triggers, narrowing the permissible trading range in a bid to stabilize the market.
Circuit breakers kick in at drops of 8%, 15% and 20%. Previously, the first halt was triggered at a fall of 10% and the next one at 20%. The new rules took effect on March 18 and won’t be imposed beyond the end of June.
Minor International Pcl and Airports of Thailand Pcl said on Monday the outbreak has significantly affected their businesses. Tourism Ministry data released Monday showed that Thailand’s foreign tourism receipts plunged in February to the lowest level since 2015 as visitor numbers crashed because of the virus.
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