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Thai tourism stocks slide after mall shooting, baht hits 11-month low

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In ordinary circumstances lifting rates might have been expected to rally the currency, but as already higher US rates have climbed further the baht has lost more than 2 percent on the dollar in a week.

The Bank of Thailand unexpectedly raised rates last week and said it expected growth and inflation to pick up, leaving the door open to further hikes in future. / Photo: Reuters

Foreign selling pressure has been building for weeks, with some $1.65 billion leaving Thai stock and bond markets since the start of September and coming to a head with a surprise rate hike and fiscal spending promises in recent days. Stocks have slid heavily since and are down more than 8 percent from the end of August, larger than the 5 percent fall in MSCI's Emerging Markets Asia index over the same period.

"This ... is primarily attributed to aggressive offshore buying ," said Chintana Kittiviboolmas, Thailand head of global markets for UOB, with new concerns around the government's financing strategy adding to the pressure.

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