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Thai stocks fall after bombings Thai stocks fall after bombings
(20 minutes later)
Thailand's main stock index has fallen by about 3% as investors react to the New Year's Eve bombings in Bangkok. Thailand's main stock index has fallen as much as 3.8% as investors reacted to the New Year's Eve bombings in Bangkok.
During Wednesday trading, the first time the Bangkok market has been open since the attacks, the SET initially fell 4% before recovering slightly. During Wednesday trading, the first time the Bangkok market has been open since the attacks, the SET index fell 4% at first before recovering slightly.
Thailand has been bracing itself for a downturn in the wake of the bombs, especially in the tourist sector.Thailand has been bracing itself for a downturn in the wake of the bombs, especially in the tourist sector.
But despite the predicted fall, the effect is far less than two weeks ago, when the market plunged 15% in one day. Despite the predicted fall, the effect was far less than two weeks ago, when the market plunged 15% in one day.
That sharp downturn followed central bank plans to limit the amount of money that could be withdrawn by investors. The sharp downturn in December followed central bank plans to limit the amount of money that could be withdrawn by investors.
The plan was then partially rescinded to exclude foreign stock investments, causing the market to bounce back 11% the following day.The plan was then partially rescinded to exclude foreign stock investments, causing the market to bounce back 11% the following day.
Uncertainty 'Business centre'
On Wednesday, the SET index fell to as low as 654.02 before recovering to 662.09, down 2.6% from Friday, the last day of trading in 2006.
However, the bombs have had a limited impact on bonds or Thailand's currency, the baht.
The baht, Asia's fastest-rising currency against the dollar in 2006, was trading at 36.05 to the dollar, from 35.46 late on Tuesday.
The blasts in Bangkok have not only shocked the people of this normally peaceful city - they have also increased fears of political and economic instability.The blasts in Bangkok have not only shocked the people of this normally peaceful city - they have also increased fears of political and economic instability.
"The damage caused by the bombings is huge because it makes people think Thailand is unsafe - especially since the incident happened in Bangkok, which is the business centre," Pornsilp Patcharintanakul, deputy chief of Thailand's Board of Trade, told the French news agency AFP. "The damage caused by the bombings is huge because it makes people think Thailand is unsafe - especially since the incident happened in Bangkok, which is the business centre," Pornsilp Patcharintanakul, deputy chief of Thailand's Board of Trade, told the AFP news agency.
The tourist sector is also vulnerable. Although none of the three people who died in the explosions were tourists, nine foreigners were among the injured.The tourist sector is also vulnerable. Although none of the three people who died in the explosions were tourists, nine foreigners were among the injured.
Shares which saw a fall on Wednesday included those in shopping centre operator Central Pattana, Bangkok Bank, and state oil and gas company PTT.