Thai stocks sink as martial law declared

Source: AP-Excite

By KELVIN CHAN

HONG KONG (AP) — Thailand's stock market fell and the currency wobbled Tuesday after the military declared martial law in what it called an attempt to stabilize the country's precarious political situation. Stocks elsewhere around the globe were mixed as markets drifted in the absence of major economic news.

The benchmark SET index in Bangkok was down 1.2 percent at 1,393.99. The dollar spiked to about 32.65 baht before easing to about 32.54 baht.

Bangkok remained calm after Thailand's military took control of public security nationwide, surrounding police headquarters in the capital as they broadcast the announcement before dawn from multiple television stations. It requested TV channels run by opposing political camps to suspend broadcasts.

The move, which the military insists is not a coup, follows months of anti-government demonstrations and a refusal by the caretaker prime minister to step down.

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Read more: http://apnews.excite.com/article/20140520/world_markets-02021e0079.html

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Two motorcyclists ride past cosmetic advertisement signs in downtown Chiang Mai, northern Thailand, Monday, May 19, 2014. Thailand's economy contracted by 2.1 percent in the first quarter, slammed by a protracted political crisis that is likely to slow growth for the rest of the year. (AP PhotoApichart Weerawong)