Stocks in Malaysia and Thailand slipped on Monday, failing to catch a broader rally in Asian markets, as the investor mood in both the regions shifted to caution over rising coronavirus cases and their potential impact on economic growth.
Malaysia's main equity index dipped 0.4% and yield
on 10-year benchmark bonds rose more than 6 basis
points after the country reported two consecutive days of record virus cases.
The baht was hovering near a 15-month low, while
Thai stocks dipped up to 0.3%, after Thailand saw record
COVID-19 cases over the weekend including infected medical workers who received two doses of China's Sinovac vaccine.
Markets were further discouraged after the Bank of Thailand warned the economy could grow less than forecast, at a time when surging infections and deaths have cast doubt over the nation's plans to reopen to tourists this year.
"PM Prayuth's mid-October deadline to fully reopen Thailand to vaccinated tourists looks to be at threat now, given the recent surge in domestic cases," analysts at Maybank wrote in a note to clients.
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