With many analysts saying that consumer confidence in Thailand is evaporating, and the Thai army shocking the system with a Martial Law invocation, the fashion counter at the Thai stock market, was the only “blue” in a sea of nagative price fall “red.” Perhaps, freakanomics is hitting Thailand.
“Consumption” counter at the stock market, also showed sign of freakanomics, falling only by about 0.4%.
Thailand’s stock market fell Tuesday after the military declared martial law, called “A Half Coup’ by many. The army says the move is to stabilize the country, with a return of law and order. The latest round of unrest began in November and has been a drag on the Thai economy, which shrank 2.1 percent in the first quarter from the fourth quarter, according to data released Monday. Most stock market analysts and economist expect Thailand to enter a “Recession” in the near future.
And for the past few days, reports of troubles in the Thai gold buying market, real estate and SMEs have hit the market. The Thai currency, Baht, also was hit today, with traders, talking of rumor, the Thai central bank, has intervene in the market to support the Baht.
In a “Sea of Red” at the Thai stock market today, the Fashion counter, was the only to rise, by about 0.2%, while “Consumption” held much ground, tanking by about 0.4%.
Financials, such as banks and property and construction, tanked both by close to 2%. Service and Industry managed the day, with about 1% loss to each sector.
Foreign investors today, dumped the Thai stock market, sold net, by about US$300 million, pushing the Thai stock market down about 1.2% to standing at about 1390. The selling is the heaviest seen a long time, as since the start of the year, to date, foreign investors have sold only about a net US$500 million. Total volume of foreign activity wise, since the start of the year, it was a buy of about US$3 billion and selling of about the same level.
Apart from ordering TV channels run by opposing political camps to suspend broadcasts and 1,000s of heavily armed soldiers all over Bangkok, Bangkok remained calm after Thailand’s military took control of public security nationwide, surrounding police headquarters in the capital, and occasionally break normal TV programming with announcements. The move to take power follows months of anti-government demonstrations and a refusal by the caretaker prime minister to step down, favoring an election.
Thai army chief today, answer a question, about the government, at a press conference, by saying where is the government. The Red Shirts, who support the government and the Thai military clashed in a bloody conflict in 2010 that left about 100 protesters killed, many in assassination style, with sniper bullets to the head.