Fri, Oct. 14, 2:54 AM
- Thailand's King Bhumibol Adulyadej has died after more than 70 years on the throne, creating a royal succession at a time of political uncertainty under military rule.
- A government holiday was declared today for national mourning, but the country's stock exchange and other financial institutions were operating as normal.
- The Thai SET Index rose 4.2%, rebounding from losses this week leading up to the king's death.
- ETFs: THD, TTF
Thu, Oct. 13, 8:21 AM
- The death of the world's longest-serving monarch (reign of 70 years) could set the country up for another bout of political instability. His only son, Crown Prince Maha Vajiralongkorn will take his spot, but it could take some time for him to command the sort of overwhelming respect his father had.
- The military government portrays itself as a defender of the monarchy against populist politicians. Without King Bhumibol there, it may be more clear that it's the generals running the country, and they may have to allow some sort of civilian rule (or they could crack down even harder).
- THD +0.8% premarket; TTF no trades
Wed, Oct. 12, 4:45 AM
- Asian markets fell again today as investors stayed edgy after a disappointing start to the U.S earnings season and fears of a Federal Reserve interest rate hike.
- Japan's benchmark Nikkei 225 was down 1.1% and the Shanghai Composite tracked 0.5% lower. South Korea's Kospi managed a 0.1% gain, despite a 1% decline in Samsung (OTC:SSNLF, OTC:SSNNF). The bruised electronics multinational accounts for about 18% of the Kospi.
- ETFs: FXI, DXJ, EWJ, TUR, VNM, EPI, ASHR, EWA, EWY, INDY, EWS, YINN, EWH, CAF, THD, EPHE, SCIF, FXP, IDX, YANG, KWEB, EIDO, EWM, INDA, PGJ, GXC, INDL, EWT, PIN, HAO, IAF, EPP, CQQQ, INP, VPL, INXX, MCHI, PEK, IIF, IAE, CHN, CHIQ, CHIX, TAO, QQQC, INCO, DBJP, AAXJ, DFJ, TDF, ENZL, AIA, TTF, SCIN, IF, SMIN, TKF, XPP, ASEA, ASHS, CNXT, SGF, AUSE, KF, YXI, CHAU, IDXJ, JOF, YAO, CN, EWSS, FCA, JPNL, APB, DXJS, EZJ, JEQ, EWV, GCH, CHAD, HEWJ, ECNS, CXSE, CHII, KEF, GRR, PAK, SCJ, CHIM, KBA, CHIE, KROO, AXJL, TWN, EWHS, APF, JPXN, JFC, DVYA, FCHI, KFYP, KORU, AFTY, ADRA, DXKW, EWAS, DBKO, FHK, DXJH, FAUS, FTW, PAF, FKO, JHDG, QJPN, DXJF, JPMV, FJP, DBAP, QAUS, OASI, DXJR, DXJT, FPA, AXJS, IPAC, QKOR, AXJV, JPN, DXJC, HAHA, HGJP, ASHX, CNHX, JDG, OAPH, QTWN, XINA, HAUD, HFXJ, HJPX, DBAU, CNYA, DDJP, DEWJ, FXJP, GSJY, HEWY, JPNH, KOR, RFAP.
Fri, Aug. 12, 2:38 AM
- Thailand's Prime Minister has urged authorities to boost security after a string of bomb attacks in several provinces killed at least four people and injured dozens.
- The blasts come only a few days after a referendum which saw the country vote in favor of a military-backed constitution.
- It was not clear who was behind the attacks, but police said they were not linked to terrorism but rather local sabotage.
- ETFs: THD, TTF
Mon, Aug. 8, 3:36 AM
- Thailand has accepted a military-backed constitution at a referendum, which is the first ballot since the junta seized power in a coup two years ago. It's the nation's 20th constitution in 83 years.
- Investors are likely to look at the outcome favorably, as the mandate will buy Thailand some time for the government to come up with an actual economic plan for the country.
- ETFs: THD, TTF
Aug. 18, 2015, 4:02 AM
- Already whacked by a devalued yuan, Thailand's baht has now fallen to its weakest level since 2009 after a powerful bomb blast killed at least 20 people in Bangkok's central shopping district.
- The currency slid 0.6% to 35.581 per dollar, while the county's SET All-Share index dropped 2.5%.
- Thailand's Prime Minister Prayuth Chan-ocha described the bombing, which took place near a notable Hindu shrine, as the "worst ever attack" on the country.
- ETFs: THD, TTF
Jun. 16, 2014, 12:04 PM
- Thailand gained 1.1% overnight, putting the SET Index in bull market territory (20% above this year's low) amid hope the military takeover will stabilize things enough for the economy to get motoring again. An index of consumer confidence rose to 70.7 in May from 67.8 in April, the first gain in 14 months.
- Last week, the military lifted the curfew in Bangkok after earlier easing restrictions on Thailand's main tourist cities.
- ETFs: THD
- CEF: TTF, TF
May 23, 2014, 10:28 AM
May 22, 2014, 8:45 AM
- Two days after declaring martial law and saying there was no coup, Army Chief Prayuth Chan-Ocha took to national TV to say he's seizing control in order to restore the peace. It's the 12th military takeover since 1932.
- The move comes after months of street protests and the recent removal of the caretaker government of Yingluck Shinawatra by the Constitutional Court.
- The SET Index closed higher by 0.15%.
- Thai funds: THD, TTF
- Previously: Thailand bounces as military says it's not a coup
May 21, 2014, 10:51 AM
- A day after the army declared martial law and stocks fell 1.1%, Thailand's SET index gained 0.6%, with Army Chief Prayuth Chan-Ocha pledging this is not a coup, and that military control will be short. There have been about a dozen coups in Thailand since a constitutional monarchy was set up in 1932.
- THD, TTF
- The Philippine Stock Exchange halted a 2-day rally and fell 1.8% following the weak session the U.S.
- ETF: EPHE.
- Indonesia bounced 0.3% one day after a big decline brought on by a key election-season political defection.
- ETFs: IDX, EIDO, IDXJ
May 8, 2014, 11:20 AM
- 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
Jan. 7, 2014, 8:49 AM
- Thai stocks (THD, TF, TTF) surge 2.6% in Bangkok.
- "Higher oil prices bolstered buying in energy stocks," Reuters notes.
- While the SET may be seeing some bargaining hunting at present, investors will be watching the political situation closely, as protestors have pledged to literally shutdown the capital on January 13; a show of defiance ahead of new elections planned for February.
Jan. 5, 2014, 10:48 AM
- There are now very real questions as to "how long Thailand's vast tourism industry can withstand the political pressure ahead of what could be some of the largest protests the country has seen thus far," the WSJ says.
- Demonstrators loyal to opposition leader Suthep Thaugsuban took to the streets in Bangkok Sunday and are reportedly planning their most ostentatious rally yet later this month.
- Although tourism in the country has proven resilient, the Journal notes that this time may indeed be different: "Singapore Airlines ... said it would cancel 19 flights to [Bangkok] between Jan. 14 and Feb. 25 as demand dwindles [and] hotel occupancy [is expected] to fall to 70-75% in Q1 compared with a more usual 80%."
- Meanwhile, Thai stocks (THD, TF, TTF) are off to their worst start for a year since 1988.
Jan. 3, 2014, 9:34 AM
- The SET Index (THD, TF, TTF) falls 0.5%, adding to Thursday's 5.2% decline — Thursday marked the worst start to a year for the country's equity market in at least two and a half decades.
- Thai shares are now trading at around 10.5X forward earnings, which is the cheapest they've been since the summer of 2012.
- "Market sentiment is very weak with no foreseeable solution on the current political deadlock in the near future,” the CIO of the country's largest private money manager tells Bloomberg.
- In other regional action, Indonesian shares (IDX, IDXJ, EIDO) are lower by 1.6% and stocks in Malaysia (EWM) fall nearly 1%.
Dec. 27, 2013, 11:32 AM
- Thai shares (THD, TF, TTF) slip again, falling 0.75% in Bangkok.
- The country's army chief today indicated that contrary to earlier reports, a military coup is not out of the question. "I won’t say open or closed. Everything depends on the situation," Prayuth Chan-ocha said.
- Meanwhile, the baht hit its lowest level since 2010 on capital outflow worries.
- For more on the political situation in Thailand, see here.
Dec. 26, 2013, 8:33 AM
- Thai shares (THD, TF, TTF) fall under pressure as the country's Election Commission suggests the country should postpone elections scheduled for February, as political turmoil persists.
- Not helping matters is a downward revision to the Finance Ministry's 2013 and 2014 GDP growth forecasts.
- The office now sees 2.8% growth this year and a 4% expansion next year, versus previous estimates of 3.7% and 5.1%, respectively.
- SET index -1.8%.