Thai Stocks Surge Ahead 2.24 Percent
Thai shares rose 2.24 percent Friday to their highest closing level in one year in reaction to a Wednesday court verdict on political parties that seemed to promise greater stability ahead of elections planned for December.
The Stock Exchange of Thailand's benchmark SET Index gained 16.53 points to close at 753.93, as 4.97 billion shares worth 40.88 billion baht changed hands, the most active trading volume in five months. Thai markets had been closed Thursday for a Buddhist holiday.
The country's Constitutional Tribunal on Wednesday found the Thai Rak Thai Party of ousted Prime Minister Thaksin Shinawatra guilty of violating election laws during last year's polls. It ordered the party dissolved and its more than 100 top executives banned from office for five years. Its main rival, the Democrat Party, was exonerated of charges against it and can run in polls supposed to be held by the end of the year.
The court decision ended some uncertainty, and lack of a violent reaction by Thai Rak Thai supporters buoyed optimism that the election may take place without major hitches.
Analysts said investment funds came scurrying back to the Thai bourse on the brighter political outlook after months of political turmoil had seen them switch into other Asian markets.
Among active shares, Siam Commercial Bank PCL rose 6.5 percent to 73.50 baht, Kasikornbank PCL was up 4.4 percent to 71 baht, Kim Eng Securities PCL rose 17 percent to 21.90 baht, and , Shin Satellite PCL surged 23 percent higher to 10.90 baht.
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