BANGKOK (AP) – Thailand’s stock market and currency were shaken as long-ailing King Bhumibol Adulyadej’s health worsened this week.
After his death Thursday at age 88, the outlook remains murky. Here are a few of the key factors and indicators to watch for:
SHARE PRICES: Thai stocks slid after the Royal Palace announced that Bhumibol’s condition was unstable, the first time it had used that phrase regarding the king’s health. On Wednesday the benchmark fell nearly 7 percent but ended down 4.1 percent. The market could be roiled by a sell-off of assets by palace officials or other members of the political elite.
THAI BAHT: Thailand’s currency was trading at 35.23 baht to the U.S. dollar on Friday, down 1.3 percent from a day earlier. It fell 1.1 percent on Wednesday and 0.2 percent on Thursday. But such gyrations do not compare with the baht’s meltdown under speculative attacks that triggered a region-wide financial crisis in 1997. Analysts say they expect the Bank of Thailand is prepared to intervene, if need be, to support the baht.
ECONOMY ON EDGE: Bhumibol was a constitutional monarch with no formal political role, but was seen as a unifying figure amid Thailand’s perennial political turmoil. Many analysts expect the country to remain calm, as Thais focus on mourning and avoid trouble with the military junta. But there is concern over the succession, since the king’s son, Crown Prince Vajiralongkorn, has not earned the same respect as his father.