BANGKOK — Declining foreign visitor numbers have hammered Thailand’s tourism-related stocks, from airlines to hoteliers and retailers, further weighing down an equity market that has underperformed its regional peers.
Although share prices have risen over the past couple of weeks — a Thai government travel subsidy program began this month — analysts say the outlook remains uncertain. Two big reasons are the slumping numbers of Chinese tourists, once the industry’s mainstay, and Thai consumers losing their willingness to spend. And the escalating border conflict between Thailand and Cambodia could also pose a threat to the industry.
