Thai Stocks, Baht Slump on King’s Health Speculation

8/9/2019 Thai Stocks, Baht Slump on Kings Health Speculation

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Thai Stocks, Baht Slump on Kings Health Speculation

, By Richard Frost

Thailands benchmark stock index fell the

most in two months and the baht had its

biggest drop since June on speculation the

health of King Bhumibol Adulyadej, 81, is

deteriorating.

2, 81 , There are rumors that the Thai king is very sick, said David Leong, a Singapore-based senior dealer at

First State Investments Ltd. Thailands stock exchange President Patareeya Benjapolchai urged investors

not to panic, saying the bourse isnt aware of any unusual reason for equities to fall. An official at the

Royal Household Bureau declined to comment, without identifying himself.

, , ,

The king has reigned for more than six decades, serving as head of state through 15 successful or

attempted coups, 16 constitutions and 27 changes of prime minister. The government has disclosed that

the next monarch will be his son, Crown Prince Vajiralongkorn, 57, a career soldier.

6 , 15 , 16 27 , , 57 ,


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The king has played a central role in keeping Thai society together and if he goes, that adds a huge

element of uncertainty into the mix, Jonathan Schiessl, the Jersey-based head of the Asia-Pacific desk at

Ashburton Ltd., which overseas about $1.8 billion, said in a phone interview.

, , , 1,800 , The SET Index fell 2 percent to close at 731.47, the largest decline since Aug. 17. It dropped as much as

4.3 percent as selling by foreign investors rose to the highest since July 2008. The baht slid 0.5 percent to

33.45 per dollar, the sole drop among Asias 10 most-used currencies excluding the yen.

2 731.47 , 17 4.3 2551 0.5 33.45 , 10

Condition Stable

King Bhumibol, the worlds longest-reigning monarch, was admitted to a Bangkok hospital Sept. 19 with

a fever, exhaustion and loss of appetite, according to the Royal Household Bureau. The bureau said

yesterday his overall condition is stable. He has a good appetite and can sleep well.

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Thai stocks have climbed more than 60 percent this year, the stock exchanges Patareeya told a press

briefing in Bangkok today. There will be some correction as investors begin to take profit. We havent

seen any unusual reason for the drop.

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The SET has gained 63 percent this year compared with a 66 percent gain in the MSCI Asia Pacific

excluding Japan Index.

63 66 MSCI Portraits of King Bhumibol, whose name means Strength of the Land, Incomparable Power, are

displayed in homes and public spaces throughout the country. The king gained near god-like status while

transforming a once-dormant monarchy into a political presence amid the countrys military-backed

governments.

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Father of the Nation

At Bangkoks Siriraj Hospital, where the king is being treated, people lined up to sign a book to wish him

well as they have done for weeks. Police were standing around and people were allowed to enter the

building.

, , He is our beloved king, hes the father of our nation, said Pradit Aimpan, 43, a farmer from Nakhon

Sawan province north of Bangkok who has visited the hospital four times since the king was admitted on

Sept. 19. Without him, our country will fall apart.

, ,43 , . 4 19 , Since 2006, when the military ousted former Prime Minister Thaksin Shinawatra, Thailand has faced a

color-coded societal chasm roughly between wealthier city dwellers and those that formed his electoral

base in the rural northeast.


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Last year, yellow-clad royalist demonstrators seized Bangkoks airports for eight days in a bid to oust a

Thaksin-linked party, ending their protests when a court disbanded it for vote-buying in a 2007 election.

The protesters had accused Thaksin and his allies of corruption and wanting to upend the monarchy.

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Thaksin Rally

Earlier this year, more than 100,000 red-shirted Thaksin supporters massed outside the house of King

Bhumibols top adviser Prem Tinsulanonda. They claimed the constitution drafted by the military after the

coup gives too much power to judges, bureaucrats and the kings advisers at the expense of elected

officials.

, 100,000 , Under Thailands constitutional monarchy, the king is head of state while the prime minister and

parliament govern. All legislation must still be approved by the king.

, Insulting the royal family can land offenders in prison for as many as 15 years.

15 PTT Pcl, the nations biggest stock by weighting, fell 2.2 percent to 267 baht. Thai Airways International

Pcl, the countrys largest carrier, lost 4.3 percent to 22.3 baht, its biggest decline since Aug. 28.


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(), , 2.2 267 (), , 4.3 22.30

, 28 Siam Commercial Bank Pcl, the nations third-largest lender by assets, slid 3.1 percent to 87 baht, the

most since July 10. Crown Property Bureau, the monarchys investment arm, controls the bank.

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Thai Stocks, Baht Slump on King’s Health Speculation