Thai stock market falls 2 percent after coup

By: 11 years ago

Pedestrians are reflected on the electronic stock indicator of a securities firm in Tokyo Thursday, May 22, 2014. Japan’s Nikkei led gains in Asian stock markets Thursday after a manufacturing survey suggested the slowdown in China’s economy is flattening out and Fed minutes reinforced expectations the U.S. central bank won’t rush to raise interest rates. The Nikkei 225 rose 295.62 points, or 2.1 percent to 14,337.79. AP

BANGKOK— Thailand’s stock market fell more than 2 percent a day after the country’s military seized power in a bloodless coup. Other Asian markets were mostly higher Friday, helped by weakness in the yen.

Bangkok’s SET index was down 29.43 points, or 2.1 percent, at 1,375.78 in the opening minutes of trading. Thailand’s currency stabilized after falling about 0.4 percent against the dollar after the coup was announced Thursday.

The military says the coup is needed to restore stability. Bombings and lawlessness have bruised Thailand’s capital during six months of protests aiming at toppling the elected government.

The army is vowing political reforms but also risks worsening the crisis if its seizure of power inflames the opposing political camps.

Elsewhere in Asia, Japan’s Nikkei 225 was up 0.9 percent at 14,473.19.