Thai share prices closed 1.67 percent higher on Friday amid growing hopes the kingdom's new government would introduce stimulus measures to boost the economy, dealers said. They said the Thai bourse also rose on buying of energy-linked stocks.
The Stock Exchange of Thailand (SET) composite index gained 13.27 points to 806.44 and the blue chip SET-50 rose 10.74 points to 581.37. Gainers far outnumbered losers 258 to 90, with 91 stocks unchanged on turnover of 3.24 billion shares worth 12.02 billion baht (3.64 billion dollars).
The Thai baht closed at 32.93-94 against the dollar, slightly changed from Thursday's 32.90-95. Against the euro, the Thai unit was quoted at 47.70-75 from 48.18-22. "Investors were hoping that the new government will do something" to support the economy, said Chai Chirasevenupraphand, a senior market strategist at Capital Nomura Securities.
Thailand's new Finance Minister Surapong Suebwonglee will hold a meeting next week with the central bank to map out economic plans, raising hopes for a stimulus package to lift the kingdom's sluggish economy. The Thai bourse also held firm as investors chased gains in energy-linked shares.
Energy shares alone account for nearly 30 percent of the Thai market. Thailand's biggest energy firm PTT rose 8.00 baht to 318.00 and its subsidiary PTT Exploration and Production also gained 3.00 to 144.00. Thailand's largest lender Bangkok Bank added 1.00 to 121.00. The kingdom's biggest mobile phone operator, Advanced Info Service, was up 2.50 at 97.00. Shares in Thai Airways International edged up 0.75 to 34.25.