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Thai share prices closed up 2.24 percent on Friday at a year high as investors welcomed a court ruling disbanding ousted premier Thaksin Shinawatra's party and barring him from politics, dealers said. They said the market bucked rising regional markets.
The Stock Exchange of Thailand (SET) composite index jumped 16.53 points to 753.93, while the blue chip SET 50 index gained 12.88 to 536.28. Gainers far outnumbered losers 307 to 53, with 109 stocks unchanged on turnover of 4.8 billion shares worth 40.2 billion baht (1.2 billion dollars).
The Thai baht edged up to close at 34.56-58 to the dollar from 34.63-65 on Wednesday. Against the euro, the Thai currency finished at 46.42-47 from 46.48-53. Financial markets were closed on Thursday due to a public holiday. "Foreign investors were net buyers as they welcomed the verdict," said Kanang Duangmanee, an economist at Kasikorn Research Center.
Thaksin's Thai Rak Thai (TRT) was dissolved and its leaders barred from politics Wednesday after a special court found senior party officials guilty of tampering with elections in April 2006. Its main political rival, the Democrat Party, was acquitted of similar fraud charges by the same court.
Kanang said investors were also relieved as no violent protest broke out following the landmark verdict. Market players had been jittery Thaksin's supporters might take to the streets against the court ruling. Thailand's top energy firm PTT rose 4.00 baht to 258.00 and its unit PTT Exploration and Production added 2.00 to 106.00.
The kingdom's top lender Bangkok Bank jumped 6.00 to 120.00 and the third largest lender Kasikorn Bank increased 3.00 to 71.00. Thai Airways International edged up 0.25 to 44.50 and Thailand's largest mobile phone operator, Advanced Info Service, also gained 0.50 to 90.50.

Copyright Agence France-Presse, 2007

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