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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