The Thai stock market fell by 6.49 points on December 27
as investors rushed to sell off stocks in hotel groups following devastating
tidal wave attack on December 26.
The Stock Exchange of Thailand (SET) plummeted by 14.76
points to stand at 655.59 points, before rallying to close at 663.86 points
in the afternoon on the back of trading worth over 15.4 billion baht.
Worst affected were stocks in hotel companies, with
investors noticeably jittery over the tsunamis which smashed into beach
An analyst from the Soros Company attributed the heavy
selling to the psychological effects of the disaster, which he said would
have a direct impact on the tourism industry, with hotels, restaurants and
insurance companies particularly badly hit. However, he noted that the stock
market had picked up slightly in the afternoon, with foreign and small-scale
investors making purchases in the food, construction and medical sectors.