Thailand stocks fall more than 4% at open after holiday
A man wearing a protective face mask walks past an electronic quotation board displaying share prices of Bangkok Stock Exchange in Bangkok on 29 February 2020. Global stocks slumped again on February 28 to mark the largest weekly drop since the 2008 global financial crisis over fears the coronavirus could wreak havoc on the world economy.
Romeo Gacad / AFP
Thailand stocks fell more than four percent at the opening Tuesday, after escaping the turmoil that hit global markets a day earlier because of a national holiday.
The Stock Exchange of Thailand (SET) on Monday banned short-selling on most stocks and limited price falls ahead of an expected slump brought about by US President Donald Trump's global trade blitz.
The SET index opened nearly 50 points down from Friday's close of 1,125.21, compared with recent highs of around 1,400 before Trump was inaugurated in January.
Thailand has been hit with tariffs of 36 percent on exports to the United States -- its biggest market, with a trade surplus of around $45 billion.
The SET on Monday banned short-selling of all but market-maker stocks until April 11, while the trading band for most have also been halved -- going from 30 percent to 15 percent and foreign lists from 60 percent to 30 percent.
Prime Minister Paetongtarn Shinawatra said last week Thailand had a "strong plan" to handle the swingeing new trade tariffs and hoped to negotiate a reduction.