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Thai military violence slackens business confidence

European, American investors ditching shares
BANGKOK. May 20- Many European and American investors In Thailand, shaken by the military crackdown on protesters, are ditching their share* although their Aslan counterparts prefer lo wail and wiitch. analysts said, reports Reuter
The stock market's official Index plunged 65-05 points, or 8.8 7 per cent, lo 667 84 on Tuesday In the biggest fall since last year's military coup. Il regained 9.53 points on Wednesday after see saw trading but analysis predict a further drop
. The impact of thia violence on foreign in vestors was different from ihc (February. 1991) coup because of the bloodshed and the scale.' Brutx Clayton, an economist with I loan-Govcilt Securities, said on Wednesday
Clayton said several foreign clients In London were issuing sell orders on their Investments In the Thailand slock market and there were concerned Inquiries from the United States.
"l\.-ople arc reaHy appalled by the blood
shed." he added.
Hong Kong Investors however, preferred lo watch the situation develop before reacting. Clayton said, adding : Those further away In Europe and America scare more easily.'
Russell Lerner of Business Risks International said another reason for the lar k of immediate reaction In Hong Kong was a dlf ferencc in the attitudes of Asian and Western Investors.
American and Weal European. Investors uninfluenced. to some extent, by ethical and moral considerations. In Hong Kong. Taiwan and Japan it is a question of profit* and safely." he said.
Lerner said the unprecedented scale of violence In Thailand since Sunday — scores of people have been klil<-d — could drive away many foreign investors.
"Investors arc looking for some place stabk to invest. Thailand doesn't look that w.iy am mon-, he said.
But concern was growing even before the viok-we erupted
"Doubts arc being expressed about the quality of Ihc market. . . (but) the consensu* Is that the slock market's current weakness Is primarily due to political worries.* W-l, Carr securities said In its April market report.
On Wednesday thousands of protesters continued lo defy slatc-of emergency decrees and rebuilt barricades across one of Bangkok's main roads.
The violence Is the worst In two decades, provoking International condemnation of the military
analysts said that condemnation had caused further concern for foreign Investors, and many were now wondering If neighbouring South East Aslan countries would be a safer bet
Resource-rich Indonesia promised returns on long term Investments, I long Kongs lure was Immediate profits from speculation, and Singapore gave investors the security of an ef-fasen! economic system, they added. All three countries also boasted greater stability than Thailand
Investors could also look further afield, to the opening of markets trr Vietnam and India.
The local investor-dominated market, with a capitalisation of 42 billton dollar Is already struggling to attract foreigners and has tight ened regulations on Its trading and listing pro /•edurvs
Doubts about the market also stem from the slowdown of the economy Thailand had been considered a contender for the ranks of Asia s economic tigers — Hong Kong. Singapore, Taiwan and South Korea — and seemed committed to freeing government controls on trade and finance sectors.
Thailand* economy has grown at an annual rate of 10 per cent over the past five years and analysts have forecast the Gross National Product to expand by around eight per cent annually in coming year*
Thailand expects much of the finance for cosily Infrastructure projects to come from abroad. Analysts say that over dependence on foreign capital makes the That economy vulnerable In limes of political turmoil.