Tourism stocks stoke Thai slump on China ban on group tours

An official uses a thermal camera at the arrivals hall of Suvarnabhumi Airport as a measure to prevent the spread of coronavirus in Bangkok, Thailand January 24, 2020. REUTERS/Soe Zeya Tun

BANGKOK: Thailand’s stock market tumbled Monday on the prospect of economic turbulence after China banned outbound group tours to fight the spread of the novel coronavirus that’s sickened thousands of people.

The SET index slid as much as 2.6%, the most since 2018, with tourism shares among those bearing the brunt of the drop. The baht weakened in line with emerging-market currencies on concern about the fallout from the virus.