By Susan Mathew
Oct 10 Thai shares fell 3.6 percent on Monday in
their biggest intraday percentage drop since August 2015 after
the palace said late on Sunday that King Bhumibol Adulyadej's
health was in an unstable condition after receiving
News about the king is closely monitored in financial
markets in Thailand, where he is widely revered and where he is
seen as arbiter in politics.
Anxiety over the king's health and an eventual succession
has formed the backdrop to more than a decade of bitter
political divide in Thailand that has included two military
coups and often-violent street demonstrations.
"In the short term, it will create some uncertainty for
Thailand, which will mean we'll see not as many people wanting
to invest," said Josh Crabb, head of Asian equities at Old
Mutual Global Investors in Hong Kong.
The Thai stock index was headed for its second
straight session of falls, declining to its lowest in over three
While all sectors dropped, financial and consumer stocks
were the biggest losers.
Siam Commercial Bank Pcl and Kasikornbank Pcl
shed about 3 percent each.
Meanwhile, most other Southeast Asian stock markets fell
with the Philippines declining for a fourth consecutive
session to its lowest in three weeks.
"There is quite a big IPO coming up and I believe a lot of
domestic investors are conserving funds for the same," said
Joseph Roxas, an analyst with Manila-based Eagle Equities.
Pilipinas Shell Petroleum Corp IPO-PSP.PS, a unit of Royal
Dutch Shell PLC, is looking to raise up to $400 million
from an initial public offering. Bookbuilding runs from Thursday
through Oct. 12, IFR reported.
Singapore shares fell to their lowest in a week,
pulled down by consumer goods and oil & gas. Thai Beverage PCL
was the biggest loser on the index.
Bucking the trend, Malaysian shares eked out
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SOUTHEAST ASIAN STOCK MARKETS
Market Current Previous Pct Move
Singapore 2866.48 2875.24 -0.30
Bangkok 1460.66 1504.34 -2.90
Manila 7533.85 7578.29 -0.59
Jakarta 5372.693 5377.149 -0.08
Kuala Lumpur 1667.02 1665.38 0.10
Ho Chi Minh 682.33 683.95 -0.24
Market Current End 2015 Pct Move
Singapore 2866.48 2882.73 -0.56
Bangkok 1460.66 1288.02 13.40
Manila 7533.85 6952.08 8.37
Jakarta 5372.693 4593.008 16.98
Kuala Lumpur 1667.02 1692.51 -1.51
Ho Chi Minh 682.33 579.03 17.84
(Reporting by Susan Mathew; Additional reporting by Nichola
Saminather in Singapore; Editing by Subhranshu Sahu)