The SET index slid as much as 2.6%, the most since 2018, with tourism shares among those bearing the brunt of the drop. The baht weakened in line with emerging-market currencies on concern about the fallout from the virus.
Investors should avoid tourism-related stocks like Airports of Thailand Pcl and hotel operators, which are likely to under-perform the market in the next three months, Win said. The government has rolled out more than $10 billion of stimulus steps in the past few months to cushion the economy, which the Bank of Thailand estimates expanded at the weakest pace in five years in 2019."The outbreak of coronavirus is a risk, ” Tim Leelahaphan, a Standard Chartered Bank economist in Bangkok, wrote in a note."The strong Thai baht may also affect tourism growth. That is unlikely to help an already-slowing economy.
Health Minister Anutin Charnvirakul in a Sunday briefing in Bangkok advised Thais to avoid traveling to China until the situation improves. But he added there’s no crisis that requires Thailand to curb Chinese arrivals.
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