glücklicherweise diesesmal nur ein finanzieller tsunami der zudem überwiegend ausländische invetsoren/spekulanten trifft. in jedem fall ist das ein dramatischer zug der beim letzten mal große verwerfungen über das jeweilige land hinaus ausgelöst hat. immerhin werden jetzt evtl auch mal wieder risiken aufgezeigt die momentan bei fast jeder assetlkasse keine rolle zu spielen scheinen. die vola wird sicher steigen udn einige hedge fonds werden sicher massive probleme bekommen. ( kein mitleid...)
Dec. 19 (Bloomberg) -- Thai stocks plunged the most in at least 19 years, triggering declines across Asia, after the central bank said international investors must pay a 10 percent penalty unless they keep funds in the country for a year.
The capital controls, announced yesterday by central bank Governor Tarisa Watanagase, are aimed at stemming a 16 percent gain in the baht this year. The Thai currency had its biggest two-day decline since April 2005.
``It's not good news, it means we've got a real problem in terms of redemption of funds,'' said Mark Mobius, who oversees $30 billion in emerging market stocks at Templeton Asset Management Ltd. ``Some people might get a bit scared because if Thailand is doing this, then maybe Malaysia might do it, and maybe the Philippines.''
Thailand's SET Index fell as much as 134.16, or 18 percent, to 596.39, led by PTT Pcl and Bangkok Bank Pcl, as of 3:09 p.m. in the Thai capital. Government bonds slumped, pushing the yield on the 10-year note up 0.23 percentage point to 5.1 percent. The baht fell as much as 1.5 percent to 36.08 and recently traded at 35.94.
Malaysia's government in 1998 fixed its currency against the dollar and imposed capital controls that barred the repatriation of proceeds from the sale of stocks and bonds for one year.
``Global investors have to recognize risk again,'' said Soichiro Monji, who helps oversee about $47 billion as senior strategist at Daiwa SB Investments Ltd. in Tokyo. ``Investors might shift from developing markets to other safer markets.''
The new rules limit international investors to using 70 percent of their funds to buy Thai stocks, bonds and property The remaining 30 percent will be held by banks and subject to a 33 percent penalty in the event an investor wants to withdraw the full amount and convert the proceeds into a foreign currency.
The baht rose to a nine-year high before yesterday's announcement on speculation economic growth would accelerate after a Sept. 19 coup ended a political deadlock that had curbed spending and confidence.
Thai Union Frozen Products Pcl, the world's second-largest tuna canner, was among exporters that last month asked the central bank to stem baht gains from undermining their competitiveness. Ten industry groups were part of the protest, including exporters of chicken meat, soybean and shrimp.
``It'll help exporters and the country's trade balance,'' said Visit Tantisunthorn, secretary-general of the Government Pension Fund, the nation's largest money manager, with more than $7.8 billion in assets.
Shares of Bangkok Bank, the nation's largest lender, sank 19 percent to 100 baht, the biggest loss since at least 1990. An index of bank stocks plunged 24 percent. The magnitude of the market slump triggered a 30-minute trading halt at the Thai stock exchange.
``It's basically as if they're putting a tax on any trades less than a year,'' said Magnus Prim, a senior foreign-exchange strategist at Skandinaviska Enskilda Banken in Singapore. ``It's going to stop any buying pressure and with the stock market likely to be hit, we could see the baht falling some more.''
India's Sensitive Index declined 2.6 percent, the Kuala Lumpur Composite Index fell 2.1 percent and Indonesia's Jakarta Composite Index lost 2.2 percent. Elsewhere in Southeast Asia, Singapore's Straits Times Index dropped 1.5 percent and the Philippine Stock Exchange Index slid 1 percent.
.....``Most exporters are very happy with the central bank's new measure,'' said Dusit Chongsutthamanee, corporate finance manager at Pranda Jewelry Pcl, Thailand's biggest publicly traded jewelry exporter. ``The baht has strengthened at a much faster pace than other currencies in the region. That affects most exporters because it has made their product prices less competitive with other producers.''
.......A rising baht hurts exporters by cutting the value of their local currency-denominated profits and making their products more expensive compared with those of Asian rivals. China's yuan has added 3.2 percent against the dollar this year, Malaysia's ringgit has gained 5.5 percent and Singapore's dollar has climbed 7.4 percent.
The central bank may adjust the curbs ``if the baht doesn't continue to be strong,'' ...........