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Friday, March 29, 2024

A $45 Billion Manager Says Thai Stocks Face Hurdles Amid Virus

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Thai equities face new hurdles as the country’s worst Covid-19 outbreak will further squeeze corporate earnings and delay an economic recovery, according to Thailand’s second-biggest private money manager.

Source: Kasikorn Asset Management Co.

Investor optimism over prospects for a return of foreign tourists has been eroding amid a new wave of the virus that took hold this month, said Vasin Vanichvoranun, executive chairman at Kasikorn Asset Management Co., which manages about $45 billion. The firm’s current forecast for the benchmark SET Index to reach 1,650 points this year may be out of reach if Thailand can’t contain the spread, he said.

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