Thai stocks tumble over king’s health
BANGKOK: Thailand’s stock exchange plunged yesterday after the palace said hospital-bound King Bhumibol Adulyadej’s health was “not stable” in an update that has raised fears over the 88-year-old’s well-being.
Bhumibol is the world’s longestreigning monarch and beloved by many in Thailand.
But he has not been seen in public for nearly a year as he battles a series of ailments in a Bangkok hospital.
His health is a taboo subject, with palace officials maintaining tight control on news while a draconian lese majeste law makes public discussion of or planning for his succession all but impossible inside the kingdom.
Privately, many business leaders – both domestic and foreign – fret that his demise could lead to economic instability, especially as there is no official discussion on how the country will handle his passing.
By lunchtime, stocks on Thailand’s primary bourse had plunged by 2.97%, its lowest level in nearly a month.
The baht also declined to a twomonth low of 35.08 against the dollar mid morning, a sixth consecutive day of losses, according to Bloomberg data. – AFP