The Canadian Press - ONLINE EDITION

Thai stocks, currency sink after martial law declared, other Asian markets mostly higher

  • Print

HONG KONG - Thailand's stock market and currency fell Tuesday after the military declared martial law in what it called an attempt to stabilize the country's precarious political situation.

The benchmark SET index in Bangkok dropped 1 per cent to 1,397.48. The dollar spiked to about 32.65 baht before easing to about 32.50 baht.

Bangkok remained calm after Thailand's military took control of public security nationwide, surrounding police headquarters in the capital as they broadcast the announcement before dawn from multiple television stations. It requested TV channels run by opposing political camps to suspend broadcasts.

The move, which the military insists is not a coup, follows months of anti-government demonstrations and a refusal by the caretaker prime minister to step down.

The unrest has hurt the Thai economy, which shrank 2.1 per cent in the first quarter from the fourth quarter, according to data released Monday.

"The last thing the economy needs is further political instability," said Michael Every, head of Asia Pacific financial market research at Rabobank. He said that "martial law will almost certainly hit near-term tourism arrivals."

Stocks were mostly higher elsewhere in Asia, following a small gain on Wall Street.

Tokyo's Nikkei 225 rose 0.9 per cent to 14,135.42 and Hong Kong's Hang Seng was up 0.8 per cent to 22,776.28. South Korea's Kospi slipped 0.3 per cent to 2,009.22.

China's Shanghai Composite Index edged up 0.2 per cent to 2,008.39 and Australia's S&P/ASX 200 inched up 0.1 per cent to 5,416.30.

On Wall Street, the S&P 500 index rose 0.4 per cent to close at 1,885.08 and the Dow added 0.1 per cent to end at 16,511.86. The Nasdaq composite index rose 0.9 per cent to 4,125.82.

The euro rose to $1.3712 from $1.3709 in late trading Monday. The dollar strengthened to 101.54 Japanese yen from 101.49.

Benchmark crude oil for June delivery was up 9 cents to $102.20 in electronic trading on the New York Mercantile Exchange. The contract rose 53 cents to settle at $102.11 on Monday.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Jaws of life used to free two people after two-car collision

View more like this

Photo Store Gallery

  • MIKE.DEAL@FREEPRESS.MB.CA 100615 - Tuesday, June 15th, 2010 The Mane Attraction - Lions are back at the Assiniboine Park Zoo. Xerxes a 3-year-old male African Lion rests in the shade of a tree in his new enclosure at the old Giant Panda building.  MIKE DEAL / WINNIPEG FREE PRESS
  • Susan and Gary Harrisonwalk their dog Emma on a peaceful foggy morning in Assiniboine Park – Standup photo– November 27, 2011   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

Will higher pork prices change your grocery-shopping habits?

View Results

View Related Story

Ads by Google