Double blow to Thai stocks, currency

The Thai baht fell to a 7-week low at 31.62 per US dollar, weakening by 0.70 from Friday's closing, as anti-amnesty bill and anti-government protests dim Thai economic outlook. Foreign investors are withdrawing funds from Thai assets.

At noon, the Stock Exchange of Thailand lost 20.59 points or 1.47 per cent, to 1,384.44 points. Turnover was as thin as Bt13.88 billion.The index ended the day 0.06 per cent higher, thanks mainly to the verdict on the Preah Vihear. The index closed at 1,405.91 points.

The continued protests against the amnesty bill dampen the market sentiment, while external factors are depressive. 

Asian stocks today also fell on two major reasons. The unexpectedly strong US economic growth and hiring reinforced expectations that the Federal Reserve will start cutting back stimulus soon. Investors were also waiting to see if China's communist leaders, who started a four-day meeting in Beijing on Saturday, would announce reform plans to bolster the world's No. 2 economy as it comes under pressure from industrial overcapacity, high debt and surging house prices.    

The PSE Composite in Manila sank 1.8 per cent to 6,239.96 as the country grappled with the aftermath of Typhoon Haiyan.