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Thailand now has world’s worst stock market

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BANGKOK: Rising coronavirus cases in Thailand dimmed the outlook for a quick rebound in tourism, sending the nation’s equities benchmark to rank as the world’s worst performer.

Thailand’s SET Index’s 5.1% slump on Wednesday, most in six years, came after the government said confirmed cases of the virus rose by three to 40, fueling fears of a wider spread. The benchmark gauge’s 14% decline this year, the most among the world’s key equity indexes, has also plunged it into a bear market from a recent high.

"Fundamentals and valuations are irrelevant now as the market is overwhelmed by fear, ” said Namchai Techaratanawiroj, the head of research at LH Securities Co. in Bangkok."Tourism is a key economic driver and Chinese tourists are the big spenders. There is still no end of this outbreak in sight.”

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