Latest news with #ThaiStocks
Free Malaysia Today
23-06-2025
- Business
- Free Malaysia Today
UBS downgrades Thai stocks to ‘neutral' as political woes weigh
Thailand's benchmark SET Index fell to a five-year low last week. (EPA Images pic) BANGKOK : UBS Group AG strategists downgraded Thai stocks to 'neutral' from 'overweight', citing recent political uncertainty, which could impact policy direction and investor sentiment. Inflows into additional schemes for the Thai ESG fund have been underwhelming, showing weak sentiment toward equities, while recovery in tourism from China has been weaker than expected, strategists, including Sunil Tirumalai, wrote in a note today. The reduction marks a reversal of the brokerage's upgrade of the market just three months ago, given the reemergence of risks that drove a selloff early in the year. A lack of near-term positive catalysts may limit returns into the second half, while some of the supportive factors put forward by UBS in March 'haven't played out as expected'. Thailand's benchmark SET Index fell to a five-year low last week as uncertainty over the stability of Prime Minister Paetongtarn Shinawatra's government casts a pall over the economic outlook. A widening rift in the ruling coalition may stall key legislation, undermine US tariff talks and shake investor confidence in already-underperforming Thai assets. Foreigners have net sold the nation's stocks for five straight days through Friday, according to Bloomberg-compiled data. The Thai stock exchange has temporarily tightened curbs on daily movement for shares to manage market volatility. Stocks will be allowed to rise or fall by 15% from the previous close, versus 30% previously. 'Due to the unrest in the Middle East region, concerns about regional stability and global economic trends have increased,' the bourse said in a statement late yesterday. The curbs take effect today and remain in place till as long as June 27.
Bloomberg
23-06-2025
- Business
- Bloomberg
UBS Downgrades Thai Stocks to Neutral as Political Woes Weigh
UBS Group AG strategists downgraded Thai stocks to neutral from overweight, citing recent political uncertainty which could impact policy direction and investor sentiment. Inflows into additional schemes for the Thai ESG fund have been underwhelming, showing weak sentiment toward equities, while recovery in tourism from China has been weaker than expected, strategists including Sunil Tirumalai wrote in a note on Monday.
South China Morning Post
19-06-2025
- Business
- South China Morning Post
Thai PM blames her military for worsening Cambodia border row, stirring political storm
Thailand's prime minister blamed her own military for escalating a border dispute with Cambodia, according to a leaked audio recording, sparking fresh political turmoil in the country as opposition groups called on her to resign. Prime Minister Paetongtarn Shinawatra slammed former Cambodian leader Hun Sen on Wednesday for leaking a recording of the June 15 call. The 17-minute private conversation, which has since been posted in full on Hun Sen's Facebook page, should not have been recorded or shared, she said. The Thai leader is already facing the threat of her coalition's largest partner quitting the cabinet over a ministerial post, concerns that sent the benchmark stock index to a two-month low on Wednesday. Paetongtarn said her 'sympathetic remarks and softer tone' during the phone call with Hun Sen were part of a strategy to ease the border tension. 'It was just a negotiation technique. I was conducting myself with the purpose of maintaining peace and our sovereignty,' Paetongtarn said. 'It's clear now that his true desire is to win popularity in his country without caring about the impact on bilateral relations.' The spectre of a fresh spell of political turmoil may unnerve foreign investors who have dumped a net US$2.3 billion of Thai stocks this year. The nation's benchmark stock index has slumped 22 per cent this year – among the worst performers globally – largely on concerns the US threat of a 36 per cent tariff will worsen the outlook for growth and hurt company earnings.
