Thai stocks dive nearly 5% amid concerns for king
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The Stock Exchange of Thailand suffered nearly a 5% loss by midday Thursday, bucking the upward momentum of bourses around the world, on rumours that the king’s health has taken a turn for the worse.
This was preceded by a 2% drop Wednesday, which at the time was its biggest drop in two months. The Baht, the Thai currency, is now at its lowest point against the US dollar since June. The reason for all these woes? A rumour that the health of King Rama IX is in steady decline.
The demise of the king would profoundly affect the nation at every level. Sébastien Barbe of Calyon Bank, observed, “The foundations of Thai politics have been on shaky ground for the past four years, and the king played an essential role in lifting the nation out of political incertitude.”