Latest news with #SET
Business Times
12 hours ago
- Business
- Business Times
Thai stocks may fall to Covid lows amid political crisis: analyst
[SINGAPORE] Thailand's stock market cannot catch a break – the fallout from a major political crisis may further rock the worst-performing market in the world this year. Amid the existing headwinds from tariff uncertainty and the faltering tourism revenue, the Stock Exchange of Thailand's (SET) benchmark index has already wilted 23.8 per cent since the start of the year as at Friday (Jun 20), placing it last among all global equity indices, according to Bloomberg data. The market sell-off intensified in recent days as political jitters flared, following a leaked phone call between officials in Bangkok and Phnom Penh which heightened tensions along the Cambodian border. With economic headwinds already pressuring sentiment, analysts warn the bloodbath on the bourse may not yet be over. 'If foreign fund outflows accelerate and the prime minister faces calls to resign or a no-confidence vote, the SET Index could test 2020 Covid lows,' said Manish Bhargava, chief executive at Straits Investment Management. The index had fallen to a low of 969.1 points in March 2020, a level not seen since late-2011. Thailand's stock exchange was the worst-performing bourse in Asean on Thursday, with the SET Index plunging 2.4 per cent to 1068.7 – its sharpest drop this year – after the call was leaked on Wednesday. While other regional markets also posted losses, they did not match the scale of the Thai sell-off, underscoring growing investor unease as the kingdom faces domestic instability and macro headwinds. The losses came as a leaked phone call between Thai Prime Minister Paetongtarn Shinawatra and former Cambodian prime minister Hun Sen on Wednesday incited the Bhumjaithai Party (BJT) to announce its exit from the ruling coalition government. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up BJT's withdrawal leaves the ruling coalition, led by Paetongtarn's Pheu Thai Party, with a slim majority by just 18 seats. As calls for her resignation escalate and other coalition partners threaten to withdraw, uncertainty has arisen over the possibility of a Cabinet reshuffle, or a snap election that may lead to a political stalemate. This could mean a three to six-month wait for a new government to take office, said CGS International (CGSI) analyst Kasem Prunratanamala in a note on Wednesday night. 'We believe that it would be difficult for the SET to perform during this period.' Bhargava noted: 'Key sectors that are sensitive to political stability – banks, infrastructure and utilities – will likely lead declines.' Others, however, remained optimistic. OCBC Asean economists Lavanya Venkateswaran and Jonathan Ng maintained a baseline scenario of the political situation staying contained in a note on Jun 18, citing Paetongtarn's reconciliatory tone. The SET Index closed lower on Friday at 1067.6 points, falling 0.1 per cent. Tourist slump A slump in tourist arrivals to Thailand has reverberated through its economy, with the sector accounting for around 12 per cent of gross domestic product and employing more than 20 per cent of workers in 2024, according to the Bank of Thailand (BOT). Foreign tourist arrivals to the country dipped 11 per cent in May from the previous month, continuing what has been a slow start to the year for the industry. The 14.3 million tourist arrivals during the first five months of 2025 were down 2.7 per cent from the previous corresponding period last year, and brought in 1.9 per cent less revenue at about 668.4 billion baht (S$26.2 billion), according to a Bank of America note. The bourse's tourism sector, comprising stocks including spa operator Siam Wellness Group and hotel operators Central Plaza Hotel and Erawan Group, has fallen about 23.4 per cent since the start of the year. But hopes of a sector-wide revival have also led some analysts to look with more optimism at stocks that have been battered hard by the slump. 'The tourism sector has already priced in the bad news,' UOB said in a Jun 5 note, naming stocks such as Erawan Group and mall operator Central Pattana as rebound plays. 'We expect tourist arrivals to recover in the third quarter of 2025,' said UOB analysts Kitpon Praipaisarnkit and Krit Tanarattananon. Yet while the tourism sector's dips may have bottomed out, CGSI analyst Thanapol Jiratanakij does not foresee a 'swift recovery' in arrivals – largely owing to the declining popularity of the nation among Chinese tourists. Increasing safety concerns from incidents such as the abduction of a Chinese actor in January and an earthquake in March have put off some Chinese nationals, who have turned towards domestic tourism and other regional alternatives for leisure travel. Existing headwinds to tourist arrivals have also hit the country's retail sector, highlighted by unlisted retailer King Power's request to terminate its duty-free concession contracts with Airports of Thailand. Maybank had earlier downgraded the broader retail sector to neutral, with companies such as department store operator Central Retail receiving 'hold' ratings. The bank cited sector-wide headwinds in muted consumption, falling tourist arrivals and a subdued economic outlook. 'Restoring confidence among Chinese tourists will require real improvements in safety and perception,' CGSI's Thanapol said. 'In this regard, we believe the government still has considerable work to do.' But as Paetongtarn's leadership remains uncertain, such efforts to boost the domestic economy may no longer be on the cards. 'The timing could not be more inconvenient considering (the) external headwinds,' said OCBC's Venkateswaran and Ng. As observers await the BOT's policy decision on Jun 25, ANZ Asia economist Krystal Tan expects the central bank to hold its benchmark rate at 1.75 per cent until the fourth quarter – but a worsening political gridlock may force the BOT into a rate cut. This may provide a catalyst to Thai stocks amid the wavering political situation, said CGSI's Kasem. He maintained the index's target at 1,200 points, citing its relative undervaluation to its peers.
Business Times
12 hours ago
- Business
- Business Times
Thai stocks may fall to Covid lows amid political crisis: analysts
[SINGAPORE] Thailand's stock market cannot catch a break – the fallout from a major political crisis may further rock the worst-performing market in the world this year. Amid the existing headwinds from tariff uncertainty and the faltering tourism revenue, the Stock Exchange of Thailand's (SET) benchmark index has already wilted 23.8 per cent since the start of the year as at Friday (Jun 20), placing it last among all global equity indices, according to Bloomberg data. The market sell-off intensified in recent days as political jitters flared, following a leaked phone call between officials in Bangkok and Phnom Penh which heightened tensions along the Cambodian border. With economic headwinds already pressuring sentiment, analysts warn the bloodbath on the bourse may not yet be over. 'If foreign fund outflows accelerate and the prime minister faces calls to resign or a no-confidence vote, the SET Index could test 2020 Covid lows,' said Manish Bhargava, chief executive at Straits Investment Management. The index had fallen to a low of 969.1 points in March 2020, a level not seen since late-2011. Thailand's stock exchange was the worst-performing bourse in Asean on Thursday, with the SET Index plunging 2.4 per cent to 1068.7 – its sharpest drop this year – after the call was leaked on Wednesday. While other regional markets also posted losses, they did not match the scale of the Thai sell-off, underscoring growing investor unease as the kingdom faces domestic instability and macro headwinds. The losses came as a leaked phone call between Thai Prime Minister Paetongtarn Shinawatra and former Cambodian prime minister Hun Sen on Wednesday incited the Bhumjaithai Party (BJT) to announce its exit from the ruling coalition government. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up BJT's withdrawal leaves the ruling coalition, led by Paetongtarn's Pheu Thai Party, with a slim majority by just 18 seats. As calls for her resignation escalate and other coalition partners threaten to withdraw, uncertainty has arisen over the possibility of a Cabinet reshuffle, or a snap election that may lead to a political stalemate. This could mean a three to six-month wait for a new government to take office, said CGS International (CGSI) analyst Kasem Prunratanamala in a note on Wednesday night. 'We believe that it would be difficult for the SET to perform during this period.' Bhargava noted: 'Key sectors that are sensitive to political stability – banks, infrastructure and utilities – will likely lead declines.' Others, however, remained optimistic. OCBC Asean economists Lavanya Venkateswaran and Jonathan Ng maintained a baseline scenario of the political situation staying contained in a note on Jun 18, citing Paetongtarn's reconciliatory tone. The SET Index closed lower on Friday at 1067.6 points, falling 0.1 per cent. Tourist slump A slump in tourist arrivals to Thailand has reverberated through its economy, with the sector accounting for around 12 per cent of gross domestic product and employing more than 20 per cent of workers in 2024, according to the Bank of Thailand (BOT). Foreign tourist arrivals to the country dipped 11 per cent in May from the previous month, continuing what has been a slow start to the year for the industry. The 14.3 million tourist arrivals during the first five months of 2025 were down 2.7 per cent from the previous corresponding period last year, and brought in 1.9 per cent less revenue at about 668.4 billion baht (S$26.2 billion), according to a Bank of America note. The bourse's tourism sector, comprising stocks including spa operator Siam Wellness Group and hotel operators Central Plaza Hotel and Erawan Group, has fallen about 23.4 per cent since the start of the year. But hopes of a sector-wide revival have also led some analysts to look with more optimism at stocks that have been battered hard by the slump. 'The tourism sector has already priced in the bad news,' UOB said in a Jun 5 note, naming stocks such as Erawan Group and mall operator Central Pattana as rebound plays. 'We expect tourist arrivals to recover in the third quarter of 2025,' said UOB analysts Kitpon Praipaisarnkit and Krit Tanarattananon. Yet while the tourism sector's dips may have bottomed out, CGSI analyst Thanapol Jiratanakij does not foresee a 'swift recovery' in arrivals – largely owing to the declining popularity of the nation among Chinese tourists. Increasing safety concerns from incidents such as the abduction of a Chinese actor in January and an earthquake in March have put off some Chinese nationals, who have turned towards domestic tourism and other regional alternatives for leisure travel. Existing headwinds to tourist arrivals have also hit the country's retail sector, highlighted by unlisted retailer King Power's request to terminate its duty-free concession contracts with Airports of Thailand. Maybank had earlier downgraded the broader retail sector to neutral, with companies such as department store operator Central Retail receiving 'hold' ratings. The bank cited sector-wide headwinds in muted consumption, falling tourist arrivals and a subdued economic outlook. 'Restoring confidence among Chinese tourists will require real improvements in safety and perception,' CGSI's Thanapol said. 'In this regard, we believe the government still has considerable work to do.' But as Paetongtarn's leadership remains uncertain, such efforts to boost the domestic economy may no longer be on the cards. 'The timing could not be more inconvenient considering (the) external headwinds,' said OCBC's Venkateswaran and Ng. As observers await the BOT's policy decision on Jun 25, ANZ Asia economist Krystal Tan expects the central bank to hold its benchmark rate at 1.75 per cent until the fourth quarter – but a worsening political gridlock may force the BOT into a rate cut. This may provide a catalyst to Thai stocks amid the wavering political situation, said CGSI's Kasem. He maintained the index's target at 1,200 points, citing its relative undervaluation to its peers.
Time of India
2 days ago
- Business
- Time of India
NU to hire 110 assistant professors on contract for new academic year
Nagpur: Facing a chronic shortage of teaching staff, Nagpur University (NU) will appoint 110 assistant professors on a contractual basis for the academic year 2025–26. The university has also hiked the monthly honorarium to ₹40,000 and mandated that applicants hold either a NET/SET qualification or a PhD degree. The decision has been taken to attract qualified and experienced candidates, Several postgraduate departments at NU have been functioning without full-time faculty for extended periods, while others are operating with skeletal teaching staff. University-run colleges are also reeling under severe faculty shortages. Efforts to appoint regular teaching staff at Nagpur University have been stalled for years. A previously launched recruitment drive was derailed due to technical issues and remains unresolved. Although the university received government sanction to fill 92 regular posts, the process was complicated by the separation of Laxminarayan Institute of Technology (LIT), a university-conducted college, that has since become an independent university. The sanctioned 92 posts included approximately 23 positions from LIT. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Total AV 2025 – Save Up to 80% Off Antivirus Today Total AV - Tier 2 Install Now Undo Then Vice-Chancellor Subhash Chaudhari had written to the government seeking clarity on the division of these vacancies, but no response has been received so far. Meanwhile, NU received over 2,000 applications for the posts. However, the recruitment cannot proceed until separate rosters for NU and LITU are formally established. As per the current contractual recruitment drive, science and technology departments have the largest vacancies, with 40 positions advertised. This is followed by 24 posts in social sciences and 11 in languages, both under the Faculty of Humanities. The Faculty of Interdisciplinary Studies will recruit nine teachers, Commerce and Management will get six, and three will be appointed in the Centre for Specialised Studies. Another 17 posts will be filled in the University's College of Education and Law College. The appointments have become urgent, as the university has made it mandatory for affiliated colleges to meet minimum teaching staff requirements to receive continuation of affiliation. Senate members have repeatedly flagged the shortage of teachers as a critical concern. Senate member Manmohan Bajpai pointed out that while the last date for application is June 28, the university has not clarified whether a selection panel has been formed. "The university must also state when the process will be completed. There is no schedule yet for scrutiny, interviews, or final selection," he said.
USA Today
4 days ago
- USA Today
Protesters fire water pistols, set off smoke in Europe demonstrations against overtourism
Protesters fire water pistols, set off smoke in Europe demonstrations against overtourism Show Caption Hide Caption Preparing for summer air travel? Here's what we know now Summer travel is always busy, but there are tips on how to avoid unnecessary flight issues. Here's what we know now. Protests against overtourism took place in several Southern European cities, including Barcelona, Madrid, and Lisbon. Protesters argue that uncontrolled tourism is causing housing prices to rise and displacing residents. Demonstrations included chanting slogans, firing water pistols at businesses, and placing stickers on storefronts. BARCELONA and MADRID — Thousands of people took to the streets of cities in southern Europe on Sunday to demonstrate against overtourism, firing water pistols at shop windows and setting off smoke in Barcelona, where the main protest took place. "Your holidays, my misery," protesters chanted in the streets of Barcelona while holding up banners emblazoned with slogans such as "mass tourism kills the city" and "their greed brings us ruin". Under the umbrella of the SET alliance – Sud d'Europa contra la Turistització, or Catalan for "Southern Europe against Overtourism" – protesters joined forces with groups in Portugal and Italy, arguing that uncontrolled tourism was sending housing prices soaring and forcing people out of their neighborhoods. Barcelona, a city of 1.6 million, drew 26 million tourists last year. Authorities in the north eastern Spanish city said around 600 people joined the demonstration there, some firing water pistols or setting off colored smoke and putting stickers saying "Neighbourhood self-defence, tourist go home" on shop windows and hotels. Outside one hotel, an agitated worker confronted the protesters, saying he was "only working" and was not the venue's owner. There were similar demonstrations in other parts of Spain including Ibiza, Malaga, Palma de Mallorca, San Sebastian and Granada. Protests in Italy took place in cities including Genoa, Naples, Palermo, Milan and Venice, where locals oppose the construction of two hotels that will add around 1,500 new beds to the city, the organisers told Reuters. In Barcelona, the city government said last year it would bar apartment rentals to tourists by 2028 to make the city more liveable for residents. "I'm very tired of being a nuisance in my own city. The solution is to propose a radical decrease in the number of tourists in Barcelona and bet on another economic model that brings prosperity to the city," Eva Vilaseca, 38, told Reuters at Sunday's demonstration in Barcelona, dismissing the common counterargument that tourism brings jobs and prosperity. International travel spending in Europe is expected to rise by 11% to $838 billion this year, with Spain and France among the countries set to receive record numbers of tourists. A protest in Lisbon was scheduled for later on Sunday afternoon.
Time of India
5 days ago
- Business
- Time of India
Anti-tourism protests erupt across the streets of Europe
Thousands of people took to the streets of cities in southern Europe on Sunday to demonstrate against overtourism , firing water pistols at shop windows and setting off smoke in Barcelona , where the main protest took place. "Your holidays, my misery," protesters chanted in the streets of Barcelona while holding up banners emblazoned with slogans such as "mass tourism kills the city" and "their greed brings us ruin". Under the umbrella of the SET alliance - Sud d'Europa contra la Turistitzacio, or Catalan for "Southern Europe against Overtourism" - protesters joined forces with groups in Portugal and Italy, arguing that uncontrolled tourism was sending housing prices soaring and forcing people out of their neighbourhoods. Barcelona, a city of 1.6 million, drew 26 million tourists last year. (Join our ETNRI WhatsApp channel for all the latest updates) Authorities in the north eastern Spanish city said around 600 people joined the demonstration there, some firing water pistols or setting off coloured smoke and putting stickers saying 'Neighbourhood self-defence, tourist go home' on shop windows and hotels. Live Events Outside one hotel, an agitated worker confronted the protesters saying he was "only working" and was not the venue's owner. There were similar demonstrations in other parts of Spain including Ibiza, Malaga, Palma de Mallorca, San Sebastian and Granada. Protests in Italy took place in cities including Genoa, Naples, Palermo, Milan and Venice, where locals oppose the construction of two hotels that will add around 1,500 new beds to the city, the organisers told Reuters. In Barcelona, the city government said last year it would bar apartment rentals to tourists by 2028 to make the city more liveable for residents. "I'm very tired of being a nuisance in my own city. The solution is to propose a radical decrease in the number of tourists in Barcelona and bet on another economic model that brings prosperity to the city," Eva Vilaseca, 38, told Reuters at Sunday's demonstration in Barcelona, dismissing the common counterargument that tourism brings jobs and prosperity. International travel spending in Europe is expected to rise by 11% to $838 billion this year, with Spain and France among the countries set to receive record numbers of tourists. A protest in Lisbon was scheduled for later on Sunday afternoon.
