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The stock market tumbled two days in a row on planted rumours. On Wednesday, the index shed 2 per cent as the Dow Jones breached the 10,000 mark. Yesterday the Thai index plunged more than 8 per cent amid concerns about the King's health. In afternoon trading, the benchmark index fell 8.3 per cent to 670.72 despite the Palace saying that 81-year-old King Bhumibol Adulyadej, receiving treatment at Siriraj Hospital since September 19, was recovering from a lung inflammation.

The market later trimmed those losses to down 6.1 per cent. The unfounded rumours about the health of His Majesty had circulated for more than three days. The Nation's office received several phone calls on Wednesday. One call was from Hong Kong, where investors were trying to inquire about the monarch's health. Another call came from Singapore, again inquiring about the King's condition. The rumours were so widespread that the Palace was prompted late on Wednesday to issue a statement saying that the King's doctors asked him to stay in hospital "for dietary supplements and physical therapies". The statement said his "general condition is good. However, lung inflammation, which has reduced, will require some time to fully recover, as is the case for the elderly".

We condemn the source or sources of rumours that play on this subject. King Bhumibol is a constitutional monarch with no formal political role, but he has repeatedly brought calm in times of turbulence and is widely revered as the country's moral authority and a unifying figure. Thousands of well-wishers have crowded daily outside Siriraj Hospital, and events have been organised around the country in honour of His Majesty.

The ill-conceived source(s) of the rumours have apparently gone so far as to plant them in the Hong Kong and Singapore markets. But the truth of the matter is that the 81-year-old King has gone to Siriraj to receive treatment for fever, fatigue and lack of appetite. He is now recovering at a pace that is natural for his age, and he certainly will be able to resume functions and his role sooner rather than later. There is nothing more to this fact.

The rumours were designed to create panic and speculation on Thailand's politics. The political situation indeed remains divisive, with Prime Minister Abhisit Vejjajiva trying to hang on to his job. There is growing conflict over how the constitution should be reformed. Red-shirt protesters have been trying to rock the boat again, while the government has threatened to invoke the Internal Security Act to subdue protesters at the upcoming Asean Summit in Hua Hin.

The various factions in Thai politics should not exploit the health of the King for ambition or advantage. Again, we condemn those who began the rumours and call on them to stop playing tricks on public sentiment as the nation sends its best wishes to the beloved monarch.