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Stock Market
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2006-12-20 03:43:55-05
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Thai Stocks Rebound After Government Scraps Currency Rules
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Bangkok, Dec 20: Thailand's stock market opened nearly 9 percent higher Wednesday, recovering from a historic fall that shook regional markets and sparked concerns over another Asian financial crisis. Shares on the Stock Exchange of Thailand jumped 8.9 percent to open at 677 after the market tumbled nearly 15 percent the day before in reaction to new rules restricting foreign investment aimed at stemming the baht's surge. In the wake of the market turmoil, Thai authorities lifted controls imposed just 24 hours earlier on stock investments, although Finance Minister Pridiyathorn Devakula said curbs on foreign investment in bonds and other debt instruments would remain. Despite Wednesday morning's recovery, uncertainty continued to stalk the country's financial markets, reports AP. Analysts said the back-flip would hardly instill confidence in the country's new, military-backed regime and could damage longer-term prospects of the equity market.
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