Thai share prices closed at a six-month high on Friday as investors saw Premier Surayud Chulanont's first speech to parliament as a fresh sign of political normalcy following a September coup, dealers said.
They said investors chased gains in the property and banking sectors amid hopes for stable interest rates here on the back of falling global oil prices. The Stock Exchange of Thailand (SET) composite index rose 3.27 points or 0.45 percent to 732.30, and the blue chip SET50 index gained 2.32 points at 512.03.
Gainers led losers 208 to 127, with 110 unchanged on turnover of 3.8 billion shares worth 15.2 billion baht (414 million dollars). The Thai baht remained at a seven-year-high against the dollar, closing at 36.67-69 from Thursday's 36.64-66, and at 46.85-88 to the euro from 46.73-77. "Sentiment was positive as investors saw the prime minister's speech to parliament as another sign of political normalcy," said Sukhbir Khanijoh, a senior economist at Kasikorn Securities.
"Although the speech lacked concrete details, it was symbolic and assured investors that Thailand was getting back to normal" following the bloodless coup on September 19 that ousted former premier Thaksin Shinawatra.
Surayud, who was installed by the military following the putsch, insisted on Friday that his government remains committed to free market policies despite its emphasis on a more self-contained "sufficiency economy."
The kingdom's top lender Bangkok Bank rose 1.00 to 120.00 baht and the fourth-largest bank Siam Commercial Bank also gained 1.00 to 67.50, but the third-largest lender Kasikorn Bank traded flat at 70.50. Thailand's largest energy firm PTT Plc rose 2.00 to 226.00, but its subsidiary PTT Exploration and Production fell 1.00 at 108.00. Flag carrier Thai Airways International edged up 0.75 to 48.50, and Thailand's top mobile operator, Advanced Info Service (AIS), increased 1.00 to 92.00.
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