Thai share prices soar

Thai share prices closed 3.05 percent higher on Wednesday amid hopes that Premier Thaksin Shinawatra's surprise resignation announcement would end the country's prolonged political crisis, dealers said.
They said investors took heart from the news after trading with caution in the past two months due to the deadlock over the leadership of Thaksin, who is accused of abuse of power and corruption.
The Stock Exchange of Thailand (SET) composite index jumped 22.74 points to 768.07 and the blue chip SET 50 index gained 18.37 points to 536.94.
Gainers outnumbered losers 266 to 98 with 92 stocks unchanged on turnover of 6.3 billion shares worth 51.1 billion baht (1.3 billion dollars).
The Thai baht closed to a one-year high against the dollar at 38.36-39, up from Tuesday's close of 38.63-66. The baht was at 47.02-07 against the euro, compared with 46.98-47.04.
"Market reaction was very positive because investors had been wary of political uncertainty over the past two months," said Wiriya Lappromrattana, a senior market analyst at Kiatnakin Securities.
"Investors believe Thaksin's move will help solve the political crisis," Wiriya said.
Thaksin said late Tuesday he would not seek his party's nomination as prime minister after a new parliament convenes following weekend elections boycotted by the main opposition parties.
The surprise announcement came after weeks of street protests demanding his ouster.
Thaksin had come under intense pressure to quit since late January when public anger erupted over his family's 1.9-billion-dollar tax-free sale of its stake in Shin Corp, the telecom giant Thaksin founded before entering office.
Since then, the Thai stock market had dropped over 3.5 percent while the political deadlock forced the government to cut economic growth forecasts this year.
Shares in Shin Corp rose 1.25 to 38.00 baht and its flagship mobile phone unit, Advanced Info Service (AIS), gained 6.00 to 93.00.
Thailand's top energy firm PTT jumped 8.00 to 252.00 and its subsidiary PTT Exploration and Production soared 16.00 to 576.00.
Top lender Bangkok Bank was up 5.00 to 118.00 and the third-biggest lender Kasikorn Bank added 2.00 to 71.00.
Thai Airways International gained 2.50 to 51.00.