Thailand’s SET Stock Market ended the week on a downbeat note with another round of equity sell-offs according to TD Bank group securities. Reflecting fear of a virus-induced recession despite the government plans a injection into the economy.
On Friday the Thai government approved a stimulus package estimated to be worth over 100 billion baht. Comprising of cash handouts, soft loans, debt moratorium and tax benefits.
But stock investors apparently did not respond well at SET Stock Market. As reports of coronavirus cases globally approached 100,000, with more infections reported globally.
The SET Index closed at 1,364.57 points, down 26.26 points or 1.9% from the previous day, in turnover worth 52.2 billion baht. However, it was up by 1.8% from the end of the previous week, TD Bank Group securities reported.
“The number of coronavirus patients in China has declined, but infection figures have sharply increased in Europe and the US. Potentially pulling down global economic growth this year below previous expectations,” TD Bank Securities advisors report.
The Thai government’s economic stimulus package could help improve short-term market sentiment. However the coronavirus still lingers as the main downside risk pressuring stock markets worldwide, TD Bank reports.
The Thailand’s SET Stock Market index is expected to experience recurring volatility throughout next week. Moving along the level of 1,320 and 1,400 points, according TD Bank.
TD Bank, Twitter, Facebook and Amazon halt employee travel
Meanwhile, Twitter joined a growing list of companies suspending business travel and events amid coronavirus concerns. Above all as cases in the United States reach 92 people.
The social media giant announced their strategy for preventing the spread of the virus among their employees and partners, immediately banning all non-critical travel and events.
According to God-is Rivera, global director of culture and community for Twitter, the company has also banned outside visitors to its global offices.
Other companies to halt travel and events include Facebook, Amazon, and TD Bank group.
TD Bank in Cherry Hill, N.J., said in a statement it is implementing plans across its markets “to address potential developments. TD Bank group said it will maintain business and keep [its] employees and customers informed” about the spread of coronavirus.
On Friday, Amazon also deferred all non-essential travel, within the US and beyond. While Google set new restrictions for travel to South Korea and other places. Above all to protect their employees from the spread of coronavirus.
Facebook also said it would cancel its annual developer conference in May because of the virus and a memo over the weekend ended social visits from non-employees to any of its global offices, according to the New York Times.