Thai stocks fall on fears of inflation and global recession Monday, August 8, 2011 The Thai stock market followed global trends and plummeted on Friday, August 5 after Standard & Poor's cut the US credit rating for the first time in history. The SET fell 2.73 % in one day on Friday. This followed 3 straight days that saw the SET drop 1.9 % in value before Friday’s sell off. Asian markets dropped an average of 3-4% on Friday. One of the main concerns is that another slowdown in the U.S. economy could affect demand for Asian consumer goods. However, the industrial sector continued to show strong growth with the Office of Industrial Economics Director-General Suttinee Poopaka reporting that exports of industrial goods grew19% from the same period last year to reach $85.09 billion. In line with that growth Toshiba announced that it plans to make its Thai unit a center for manufacturing and exporting home appliances to ASEAN to benefit from the ASEAN Economic Community (AEC) that takes effect in 2015. Political stability in Thailand is fueling property growth as several developers announce new projects as Norm Boon Real Estate plans to launch two residential projects worth about Bt1 billion d on Bangkok's Srinakarin Road next year, Sansiri has announced plans to build six new townhouse projects in the second half of this year and KPN Group has announced plans for Capital Condominium, worth Bt1.5 billion, in the Din Daeng area. The mass-transit system remained a strong factor in the market, with projects within 200 meters of a station showing much higher selling prices and take-up rates. The resulting stability also fuelled a growth in tourism with the month of May seeing a 66% rebound in arrivals after the political instability of May, 2010, the steepest jump in South East Asia. The first half of the year has seen about 9.7 million foreign tourists visit Thailand, a 28.1% increase from the end of 2010, which saw only 12.6 & growth in tourism. The growth came mainly from a high number of Asian tourists, mainly from East Asia and ASEAN countries.

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