Regions

Protest continue in Thailand - top equity fund manager continues to sell stocks

November 4
10:25 PM 2013

The top-performing equity fund manager in Thailand reduced domestic shares holdings reports Bloomberg. This had occurred following the expectation of protests against the amnesty bill set by the government. The said bill curbed growth in Thailand's economy and prolonged conflict in politics.

Bangkok-based chief executive officer Vorayan Tarapoom stated in an email that BBL Asset Management Co. raised currency holdings since the middle of October. Yesterday, the SET Index (SET) benchmark had plunged to 2.9% which sparked a protest of 10,000 people in the streets of Bangkok.

A Democrat party has rallied opponents against the bill. This exonerated people convicted of political crimes since the coup in 2006 which had ousted Thailand's former Prime Minister, Thaksin Shinawatra.

In a statement to Bloomberg, Vorayan said, "The political conflict will intensify further, worsening the economic outlook. It's still not a good time for returning to domestic equities, even after prices declined significantly to attractive levels."

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