Seeking Alpha

Thai stocks slide following ouster of PM, possible criminal charges

  • Adding to yesterday's charges which forced the resignation of PM Yingluck Shinawatra, she now may face criminal proceedings as the National Anit-Corruption Commission finds her guilty of mishandling a multi-billion dollar rice subsidy program.
  • "The opposition will use other judicial challenges to peel off more cabinet members and seek to erode this caretaker government ability to govern in any capacity over the coming weeks," says Eurasia Group.
  • Unsurprisingly, foreign investors exited, pulling $234M out of Thailand debt yesterday, the biggest withdrawal in nearly two months.
  • Thai stocks ended 1.7% lower at 1,379.02
  • ETFs: THD, TTF
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