Which stock exchange was at the center of the 1997 Asian financial crisis's initial currency and market turmoil?

The Stock Exchange of Thailand was at the center of the initial market turmoil in the 1997 Asian financial crisis.

The crisis began with pressure on Thailand’s baht, which had been effectively pegged to the U.S. dollar. On July 2, 1997, Thailand allowed the baht to float after exhausting efforts to defend its value. The currency then depreciated sharply, and investors reassessed the economic and financial vulnerabilities of other Asian economies.

Thailand’s stock market and banking system suffered as foreign capital left, corporate borrowers faced heavier foreign-currency debts, and property prices weakened. Contagion spread to Indonesia, South Korea, Malaysia, the Philippines, and other markets. Hong Kong’s market also came under intense pressure later in 1997.

The International Monetary Fund arranged a major assistance program for Thailand, alongside support from other institutions and countries. A frequent mix-up is calling the episode only a stock-market crash: it was a regional financial crisis involving currencies, banks, debt, property, and equities.