US bank fears hit Asia stocks

In line with most Asian stock markets, the Thai stock exchange dropped more than 3%, or over 50 points, yesterday amid concerns that the failure of US banks could have a domino effect.

Yesterday's trading volume totaled 103.8 billion baht, and the Stock Exchange of Thailand (SET) index closed at 1,523.99, down 49.18 points or -3.13%.

The Securities and Exchange Commission (SEC) and the SET have prepared to deploy circuitbreaking measures in an effort to calm the situation after the SET noted that investors had overreacted to what had happened.

According to SET president Pakorn Peetathawatchai, the decline affected stocks throughout Asia and Europe in addition to Thailand.

The second-largest US bank failure in history, Silicon Valley Bank (SVB), as well as rising interest rates, dwindling financial liquidities, and the falling price of Brent crude oil, according to him, were all contributing reasons.