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BANGKOK - Thailand's benchmark stocks index dropped more than 2 percent to a fresh 5-year low on Wednesday, bucking gains in many regional markets as mounting political tension in the country hit investor
sentiment.
A series of small bomb blasts wounded several anti-government protesters blockading Bangkok's international
airport, protest leaders said, as chaos ruled inside the terminal and all flights were halted.
By the midday break, the main Thai index was down 2.0 percent at 384.1, after hitting a low of 381.6, the weakest
since May 2003. Turnover was very thin at 2.8 billion baht ($79.43 million).
"The market slipped back again because of domestic political problem. There is no sign when it's going to end,"
said Viriya Lappromrattana, senior analyst at Kiatnakin Securities.
Singapore stocks rose 1.2 percent and Phillipines gained 1.3 percent while MSCI's index of Asia-Pacific stocks excluding Japan was up 1 percent, cheered by the U.S. Federal Reserve's latest rescue package.
Shares in aviation and tourism sector were severely hit with Thai Airways International falling 7.7 percent to a four-week low of 7.20 baht after the airline stopped operations at Suvarnabhumi Airport due to the siege.
Hotelier Laguna Resorts & Hotels dived 14 percent 21.50 baht and Erawan Group , which runs luxury hotels
in central Bangkok including the Grand Hyatt Erawan and JW Marriott, lost 9 percent to a four-week low of 1.50 baht.
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