PM blames court cases for SET decline

Faisal Azam
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Credit: Bangkok Post

Prime Minister Srettha Thavisin on Tuesday admitted that the current political situation could be affecting the stock market, which hit a four-year low on Monday.


Analysts have cited three major court cases that could have ramifications for the Thai political landscape as a major contributor to current investor unease.


“It is about stock market sentiment,” Mr Srettha said, adding that those accused in the three cases, including himself, have to defend themselves in court.


Last Friday, Mr Srettha submitted his defence to the Constitutional Court in a case involving the appointment of Pichit Chuenban as a PM’s Office minister.


Forty caretaker senators earlier asked the court if both men should be removed from office under Section 170 of the charter, which deals with the ethics of cabinet ministers.


Mr Pichit, who served six months behind bars for trying to bribe Supreme Court judges in 2008, resigned days after his appointment. 


The Constitutional Court is also scheduled to consider a dissolution case brought against the opposition Move Forward Party on Wednesday.


And former premier Thaksin Shinawatra is scheduled to report to the attorney general on June 18 so that the indictment process can begin in his lese-majeste case.


On May 29, the attorney general decided to indict Thaksin on lese majeste and computer crime charges arising from an interview given to a Korean newspaper in February 2015.


Thaksin’s lawyers are claiming that investigators handling the original complaint filed against him in 2015 faced intimidation from the military regime of the day.


On Monday, Thai stocks plunged to a four-year low as investors fretted over political uncertainties.


The Stock Exchange of Thailand (SET) Index fell to a low of 1,313.26 points around the close of the morning session at midday, the lowest since March 23, 2020.


InnovestX Securities said the SET Index was expected to be volatile this month because of the court cases.


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