Exodus From Thai Stocks Worsens on Deepening Corporate Setback [BNN Bloomberg (Canada)]
BANGKOK BANK UNSP/ADR (BKKLY)
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Source: BNN Bloomberg
Instead, the benchmark stock index is set for its fifth quarterly decline, foreign funds are selling, and the baht is the second worst-performing currency in Asia. “Thai stocks will have to wait for a clear rebound in corporate earnings to spur any big rally,” said Narongsak Plodmechai, chief executive officer of SCB Asset Management Co., which oversees about $50 billion of assets. “It's very unlikely to see earnings growth gaining momentum” given the sluggish economy, he said. The slowing growth — both in the economy and corporate earnings — means Thailand is becoming the least attractive market in Southeast Asia. Analysts have cut corporate earnings estimate to a two-year low, data compiled by Bloomberg show, while a much-touted fiscal stimulus has been delayed. Bualuang Securities Pcl, a unit of Bangkok Bank, expects the benchmark equity index to hover in the range of 1,320 to 1,450 points in the second quarter, around the current level. Foreign funds sold a net $5.5 billio
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