Tourism-linked stocks suffer
Play
Tourism-linked companies saw a slide in share prices on Tuesday, on anticipation that the blast on Monday night would weaken the tourism industry's outlook.
Leading the pack was Central Plaza Hotel (Centel) of which 13 per cent of revenue comes from Bangkok properties. It lost 12.58 per cent to end the day at Bt33.
Asia Aviation, a shareholder of Thai AirAsia, lost 9.17 per cent to Bt4.16.
Nok Air share price was down 6.17 per cent to Bt7.60.
Thai Airways International was down 6.42 per cent to Bt10.20.
Airports of Thailand, the operator of six international airports, lost 6.62 per cent to Bt268.
Bangkok Airways was down 7.01 per cent to Bt19.80.
Minor International, a hotel chain operator, was down 7.06 per cent to Bt23.70.
The Stock Exchange of Thailand index ended 2.99 per cent lower today.
The index was down 36.13 points to 1,372.61 on turnover of Bt78 billion. At one point, the index was as low as 1,369 points.
"This is likely a short-term adjustment," said ASL Securities in a research note. It suggested that this is the opportunity to buy into large-cap stocks which are not affected by the tragic event like hospitals and banks.
Thanachart Securities however said that volatility would continue in the next 1-2 weeks, and the index could fall further to 1,370 or 1,350 points.
It recommended investors to hold on to the tourism-linked stocks, thanks to the sharp decrease in their share prices.
