26th Oct 2015 09:42
LONDON (Alliance News) - Aberdeen New Thai Investment Trust PLC on Monday said its net asset value per share declined sharply in the first half of its financial year as stocks in Thailand were hit by the general downturn in sentiment on emerging markets, particularly in Asia.
The trust said its net asset value per A share fell to 426.75 pence per share at the end of its first half on August 31, off 21% from the 542.49p it stood at on February 28, the end of its last financial year. The net asset value per B share in the company fell by 22% to 417.96p from 534.28p.
The trust said equities in Thailand were hit by the widespread jitters which afflicted world markets in the first half, including worries about a slowdown in Chinese growth and the protracted talks on Greece's debt, along with the specific economic challenges facing Thailand itself.
In Thailand, exports dropped sharply in the period, as did imports, while manufacturing activity hit a 15-month low, and both business and consumer spending was subdued. Politically too, the ruling junta made few moves towards restoring a democratically-elected government in the country, the trust said.
Aberdeen New Thai also said current conditions do not point towards an improvement in conditions in the second half, though it remains confident it will be well-positioned to benefit once a sustained economic recovery emerges.
Shares in the trust were up 0.5% to 378.989 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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