In the two months after the September 19 coup, foreign investors poured money into Thai asset markets, betting the economy would prosper under a competent technocratic cabinet after a year of political turbulence.

Before its dramatic tumble on Tuesday, the Thai stock market had risen almost 4 per cent since the military coup. The baht, which had been gradually strengthening through the year, appreciated a further 5.5 per cent, up until Friday’s close.