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Thursday, March 28, 2024

A US$45bil manager says Thai stocks face hurdles over worst virus outbreak

BANGKOK, April 27 (Bloomberg): 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.

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 US$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.

“Peoples’ biggest fear of the country facing a new outbreak has resurfaced,” Vasin said in an interview Monday. “That’s dampening optimism about the return of…

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