Thai share prices soared 2.21 percent on Monday to a fresh one-year high as sentiment remained positive after Thai judges last week dissolved ousted premier Thaksin Shinawatra's party, dealers said. They said foreign inflows also partly shifted from the volatile Chinese market, helping push Thai stocks to finish in line with other regional bourses.
The Stock Exchange of Thailand (SET) composite index jumped 16.68 points to 770.61, while the blue chip SET 50 index gained 13.08 points to 549.36. Gainers outnumbered losers 279 to 106, with 92 stocks unchanged on turnover of 5.16 billion shares worth 37.06 billion baht (1.07 billion dollars).
Analysts said Monday's index was the highest since May 11, 2006, as investors, mostly from overseas, were upbeat on the Thai political outlook. "Investors are looking ahead to the new election even though some concerns remain on the referendum for the constitution," said Pichai Lertsupongkit, senior vice president of Thanachart Securities.
The sentiment was upbeat after senior Thai judges on Wednesday dissolved Thaksin's Thai Rak Thai political party and barred its senior leaders from politics for five years.
Its main political rival, the Democrat Party, was acquitted of similar fraud charges by the same tribunal. Investors were relieved as no violent protest broke out following the landmark verdict. Thailand's top energy firm PTT jumped 12.00 baht to 270.00 and its unit PTT Exploration and Production added 3.00 to 109.00.
The kingdom's top lender Bangkok Bank lost 1.00 to 119.00 and the third largest lender Kasikorn Bank gained 2.00 to 73.00. Thai Airways International rose 0.75 to 45.25 and Thailand's largest mobile phone operator, Advanced Info Service, closed unchanged at 90.50.
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