Thai share prices closed 1.74 percent higher on Wednesday as investors took heart from the junta's decision to bring forward elections in November, dealers said. They said sentiment turned upbeat with investors chasing gains in energy and banking stocks.
The Stock Exchange of Thailand (SET) composite index gained 13.32 points to 777.10, while the blue chip SET 50 index rose 11.06 points to 553.36. Gainers far outnumbered losers 279 to 82 with 102 stocks unchanged on turnover of 3.71 billion shares worth 22.1 billion baht (638 million dollars).
The Thai baht moved little against the dollar, closing at 34.61-62 to the greenback. Against the euro, the Thai currency finished at 46.44-49 from 46.22-45.
"Sentiment was positive as investors welcomed the government's decision" to hold elections in November, said Chai Chirasevenupraphand, a market strategist at Capital Nomura Securities. Thailand's military, which ousted premier Thaksin Shinawatra in September 2006, initially said polls would be held in December.
"Foreign investors saw the announcement as a positive step" for Thailand to return to political normalcy, Chai said. Thailand's top energy firm PTT rose 6.00 baht to 272.00 while its unit PTT Exploration and Production was flat at 111.00.
The kingdom's top lender Bangkok Bank gained 3.00 to 120.00 and the third largest lender Kasikorn Bank also added 3.00 to 74.00. Thai Airways International edged up 0.50 to 44.25, and Thailand's largest mobile phone operator, Advanced Info Service (AIS), increased 2.00 to 89.50.
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