Thailand: Made Ya Look!
December 20th, 2006Via: Guardian:
Shares on the battered Bangkok market staged a recovery this morning after Tuesday’s 15% plunge, but dealers said confidence remains fragile amid fears of a re-run of the Asian financial crisis a decade ago.
By 12.30 local time, the Thai SET Index had jumped 11% to 688.17, its biggest gain in almost eight years. The market crashed by 15% on Tuesday as the Bank of Thailand and the finance ministry imposed currency controls in an attempt to curb the strength of the Thai baht.
The move sparked a wave of selling, sending shares into freefall. The 15% drop was the biggest-ever one-day fall suffered by the Thai stock market and the subsequent reversal of some of the currency restrictions by the government did little to reassure investors.
