Key points
- SET index opened nearly 50 points down from Friday’s close
- Thailand has been hit with tariffs of 36 per cent
- Thailand has a “strong plan” to handle new tariffs: Premier Shinawatra
BANGKOK, Thailand: Thailand stocks fell more than four per cent at the opening Tuesday, after escaping the turmoil that hit global markets a day earlier because of a national holiday.
According to AFP, the Stock Exchange of Thailand (SET) on Monday banned short-selling on most stocks and limited price falls ahead of an expected slump brought about by US President Donald Trump’s global trade blitz.
The SET index opened nearly 50 points down from Friday’s close of 1,125.21, compared with recent highs of around 1,400 before Trump was inaugurated in January.
“Strong plan”
Thailand has been hit with tariffs of 36 per cent on exports to the United States — its biggest market, with a trade surplus of around $45 billion.
The SET on Monday banned short-selling of all but market-maker stocks until April 11, while the trading band for most have also been halved — going from 30 per cent to 15 per cent and foreign lists from 60 per cent to 30 per cent.
Prime Minister Paetongtarn Shinawatra said last week Thailand had a “strong plan” to handle the swingeing new trade tariffs and hoped to negotiate a reduction, according to AFP.
Earlier, Thai Prime Minister Shinawatra announced Sunday that Thailand will increase imports of energy, aircraft, and agricultural products from the United States in response to the Trump administration’s newly imposed 36 per cent tariff on Thai exports to the US market, according to Anadolu Ajansi.
