Thai stocks drop most since 2016 on China ban on group tours

Tourists walking with face masks outside the Grand Palace in Bangkok on Monday (Jan 27). Thailand has detected eight coronavirus cases so far -- three of whom are receiving treatment in hospital and five of whom have been discharged, according to a statement from Health Minister Anutin Charnvirakul. - AFP

BANGKOK: Thailand’s stock market tumbled on Monday (Jan 27) with the prospect of economic turbulence after China banned outbound group tours to fight the spread of the novel coronavirus that’s sickened thousands of people.

The SET index slid 2.9% on Monday, the most since 2016, with tourism shares among those bearing the brunt of the drop. The baht weakened in line with emerging-market currencies on concern about the fallout from the virus.