Thai shares tumble amid fears of US rate hike
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THAI shares Monday nosedived 3.36 per cent over a few unfavourable factors, including fears of a fresh hike in the US’ federal funds rate.
The Stock Exchange of Thailand Index closed down Bt47.32 billion 3.15 per cent to 1,457.02 points on turnover of Bt74.12 billion.
Deputy Prime Minister Somkid Jatusripitak said the tumble in the stock market was caused by investors panicking.
He warned against overreacting, as Thailand’s fundamentals were still solid, with economic growth this year expected to run at 3.2-3.5 per cent.
The government’s investment was also expected to exceed US$43 billion (Bt1.5 trillion) over the next five years, he said.
