Thai shares rose on Wednesday as investors built positions in bluechip stocks amid a clearer political outlook while Indonesia edged up after Joko "Jokowi" Widodo was declared the winner of presidential election. The Thai SET index ended up 1.4 percent after Tuesday's 1.15 percent fall with banking and consumer stocks as outperformers. Bangkok Bank hit its highest level in more than a week amid active buying.
Daiwa Capital Markets said in a report that it was more positive on the prospects for the Thai economy. "Developments following Thailand's recent coup shows that this is not a typical Putsch, as it is pro-economic growth and investor friendly," it said.
Thailand's head of state, King Bhumibol Adulyadej, endorsed an interim constitution on Tuesday, while army leader General Prayuth Chan-ocha could become prime minister in a government to be set up under the newly drafted constitution. Jakarta's composite index edged up, rebounding from a 0.9 percent fall on Tuesday, amid worries about potential unrest over the presidential election result. Stocks in Singapore and most others in Southeast Asia rose in line with broader Asian stock markets.
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