Emerging markets -Thai stocks, baht fall on reports of delayed Bangkok reopening as Philippine stocks lead losses in region

Image from The Nation Thailand/ANN

BANGKOK, Sept 17 (Reuters): Thailand's baht and stocks fell on Friday, hit by reports of a delay in the tourism-reliant nation's plans to reopen capital Bangkok to international travellers, while other emerging Asian currencies came under pressure from a firmer US dollar.

Concerns around regulatory crackdowns in China as well as debt-ridden developer China Evergrande Group's financial troubles dragged equities in broader Asia. Shares in the Philippines dropped 0.8% and led losses in the region, while Malaysia and Singapore fell 0.6% and 0.3%, respectively.

Stocks in Thailand fell 0.6% to hit a 3-week low, while the baht weakened 0.4%. The Bangkok Post on Thursday reported that Thailand's tourism minister, Phiphat Ratchakitprakarn, said the reopening of the city to foreigners should be delayed by two weeks, as the country attempts to inoculate a larger proportion of its population.

"Thailand remains under pressure from a precarious political situation, an uncertain path out of the pandemic and fast approaching policy limits," analysts at Mizuho Bank said in a note.

"Although headline COVID-19 cases have eased from its peak, the pandemic situation is far from being under control."

It had earlier planned to allow vaccinated tourists into Bangkok by Oct 1.

The dollar firmed following an unexpected rise in U.S. retail sales for August, which offset some concerns about growth in the world's largest economy and signalled the Fed might opt for an earlier tapering of its massive pandemic-fuelled stimulus.

The South Korean won and Malaysian ringgit both weakened 0.3%. Equities in China have dropped nearly 2.5% this week, after a raft of weaker-than-expected data suggested growth in the world's second-largest economy would slow in the second half of this year.

Meanwhile, cash-strapped China Evergrande tanked further to mark its worst week ever.

Indian shares reversed course to lose 0.1%, after gaining as much as 0.9% in early trading to hit yet another record high Investors in Indonesia looked ahead to the country's central bank meeting on Sept. 21, where the key interest rate is expected to be kept steady, as the economy gradually reopens after a recent devastating Covid-19 wave. - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Aseanplus News

Asean News Headlines at 10pm on Friday (Oct 15)
Singapore reports eight more Covid-19 deaths, 3,445 new infections on Saturday (Oct 15)
Indonesia reports 915 newly-confirmed Covid-19 cases, 41 more deaths as virus issues comes under control in country
Thailand recorded 10,486 Covid-19 cases and 94 deaths on Friday (Oct 15); govt easing virus measures
Philippines logs 7,625 new Covid-19 cases, total tops 2.7 million as country looks at reopening again
Vietnam's Covid-19 issues under control as govt reports 3,797 new Covid-19 cases - 857,639 in total on Saturday (Oct 15)
Asean's Myanmar meeting ends, to announce outcome on Saturday (Oct 16)
Singapore home sales drop for second month amid new virus curbs
Emerging Markets: Bank Indonesia to hold rates until late 2022 as Thai baht emerge as top weekly earner
Thailand to ramp up vaccination in four southern provinces to contain Covid-19

Others Also Read