- Outflows from stocks were the most in the region this year
- Political uncertainties add to economic woes to dim outlook
A market revival for Thailand just isn’t coming.
The nation’s first election since 2019 was supposed to be the catalyst to drive economic growth and bring back foreign investors. Instead, the benchmark stock index is set for its fifth quarterly decline, foreign funds are selling, and the baht is the second worst-performing currency in Asia.
“Thai stocks will have to wait for a clear rebound in corporate earnings to spur any big rally,” said Narongsak Plodmechai, chief executive officer of SCB Asset Management Co., which oversees about $50 billion of assets. “It’s very unlikely to see earnings growth gaining momentum” given the sluggish economy, he said.
The slowing growth — both in the