Arab Today, arab today thai baht at 6year low tourism shares fall after bombing
Last Updated : GMT 07:00:00
Arab Today, arab today
Arab Today, arab today

Thai baht at 6-year low, tourism shares fall after bombing

Arab Today, arab today

Arab Today, arab today Thai baht at 6-year low, tourism shares fall after bombing

Police officer in a cordoned-off site of a bomb
Bangkok - AFP

Thailand's baht currency slumped to a more than six-year low on Tuesday and shares fell in Bangkok over concerns an unprecedented attack in the capital could hit the vital tourism sector.

At least 21 people were killed and over 120 wounded when a bomb ripped through a Bangkok religious shrine late Monday, in what authorities said was the worst ever attack on Thai soil and targeted at foreigners

The baht fell to 35.648 against the dollar in early trading on Tuesday, it's lowest point since April 2009.

Bangkok shares fell two percent in opening deals, led by tourism-linked companies. Airports of Thailand plunged 8.7 percent while Central Plaza Hotel tumbled 13 percent.

"Thailand is vulnerable right now as economic growth and corporate earnings are weak, while tourism is not doing great," Andrew Stotz, CEO of Bangkok-based Stotz Investment Research, told Bloomberg News.

The timing of the blast just as "we're coming into this high tourism season" means it could be particularly damaging to the tourism sector, which accounts for 8.5 percent of GDP, he added.

Police said two Chinese, two Hong Kongers, two Malaysians and one Singaporean were among those killed in the attack on the Erawan shrine in the heart of Bangkok's tourist and commercial centre.

Morgan Stanley said big-spending Chinese tourists -- whose numbers have soared in recent years, bucking a general downtrend -- are particularly likely to be put off by the unrest.

Last year around 4.6 million Chinese nationals visited the kingdom, with the average tourist spending 5,500 baht ($155) per day, more than the average European visitor.

The attack comes after Thailand's economy slowed in the second quarter, hit by weak domestic demand and exports, with growth expected to be hampered this year by China's devaluation of the yuan.

Gross domestic product grew 2.8 percent between April and June compared to a year earlier, official data showed Monday, slowing from three percent in the previous quarter.

Thailand's planning board also trimmed its 2015 growth forecast to 2.7-3.2 percent, down from 3.0-4.0 percent.

It also warned growth faces "major constraints" after China devalued the yuan last week, sparking fears of a currency war in Asia in which countries vie to keep their exports competitive by depreciating their units.

The Thai baht is among several Asia-Pacific currencies that have slumped since the yuan cut, last week suffering their worst two-day selloff since the Asian financial crisis.

-- Bloomberg News contributed to this report --

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today thai baht at 6year low tourism shares fall after bombing Arab Today, arab today thai baht at 6year low tourism shares fall after bombing

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today thai baht at 6year low tourism shares fall after bombing Arab Today, arab today thai baht at 6year low tourism shares fall after bombing

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Prayers turn to nightmare

GMT 06:14 2017 Sunday ,22 October

Prayers turn to nightmare
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday