FILE PHOTO: A view of Bangkok’s port amid the spread of the coronavirus disease (COVID-19) in Bangkok, Thailand, June 21, 2020. REUTERS/Athit Perawongmetha
February 7, 2022
BANGKOK (Reuters) – Investor confidence in Thailand’s stock market over the next three months slipped to a six-month low on concerns about the Federal Reserve’s tightening plans and a sluggish domestic economy, a capital market group said on Monday.
A January survey by the Federation of Thai Capital Market Organizations (FETCO) showed its investor confidence index tumbled to 93.91 from 129.53 the previous month.
Foreign investors’ confidence plunged to the “bearish zone” from the “bullish zone”, hurt also by international conflicts, the federation said.
However, foreign fund inflows are expected to continue on optimism over a tourism recovery, said federation chairman Paiboon Nalinthrangkurn.
“With global market volatility, the Thai market is seen as a ‘safe haven’,” he told a news conference.
Foreign investors bought about 40 billion baht ($1.21 billion) net of Thai shares over the past two months after selling a net 49 billion baht during all of 2021.
The main index could reach 1,800 points in the second half, Paiboon said, from 1,675 points on Monday.
The finance minister recently forecast Southeast Asia’s second-largest economy would expand 4% this year, after 1.2% estimated for 2021, as Thailand resumed its quarantine waiver for tourists.
($1 = 33.00 baht)
(Reporting by Satawasin Staporncharnchai; Editing by Martin Petty)
Source: One America News Network
