Thai shares down on Fed's decision

business January 30, 2014 00:00

By The Nation

Asian stock markets including Thailand declined Thursday, following the US Federal Reserve's decision to further taper its bond-buying programme.

Foreign net-sell position today reached Bt3.36 billion, boosting this month's combined net sell to Bt11.29 billion. 
As of 2.39pm, the SET composite index dropped by 6.22 points or 0.49 per cent to 1,265.20 points. Turnover was as low as Bt10.85 billion.
The index closed Thursday at 1,264.07 points, shedding 7.35 points or 0.58 per cent, with daily turnover of Bt21 billion 
After the meeting on January 28-29, the Federal Reserve decided to stay the course on tapering its stimulus for the US economy Wednesday, reducing asset purchases by US$10 billion for the second month in a row.
Amid emerging-market turmoil blamed in part on its stimulus reduction, the Fed, as expected, cut the monthly bond-buying programme to $65 billion beginning February and left its benchmark interest rate near zero, citing "growing underlying strength in the broader economy."
Wrapping up the final meeting of the Federal Open Market Committee under departing Chairman Ben Bernanke, policy makers noted that despite some mixed economic indicators since their December meeting, overall the US economy was doing better.
Information indicates "that growth in economic activity picked up in recent quarters," the FOMC said in a statement.
Asian markets slumped on Thursday. Tokyo dived 2,45 per cent, or 376.85 points, to close at 15,007.06, leading other markets lower.