Thai share prices closed 2.05 percent higher Monday to a three-year high, as new economic data gave investors a brighter outlook on Thailand's economy for the second half, dealers said. They said the completion of constitution drafting this week would help ease political worries in Thailand by setting the nation on track for post-coup elections.
The Stock Exchange of Thailand (SET) composite index jumped 15.92 points to 792.71, while the blue chip SET 50 index soared 12.98 points to 562.99. Gainers overwhelmed losers 286 to 86 with 93 stocks unchanged on turnover of 3.36 billion shares worth 24.1 billion baht (698 million dollars).
The Thai baht rose on gains of regional currencies against the dollar, closing at 34.45-48 to the unit from Friday's 34.53-54. Against the euro, the Thai unit finished at 46.70-90 from 46.48-53. Analysts said the index was the highest since Janaury 2004, with Thai bourse outperforming other regional stocks.
"Inflation and export figures for last month made investors believe that the Thai economy has bottomed off, with the gross domestic product projected to recover in the second half, especially in the fourth quarter," said Apisak Limthamrongkul, vice president of Siam City Securities.
The commerce ministry said Monday the nation's inflation rate held steady at 1.9 percent in June. For six months to June, inflation was at 2.2 percent, still within the ministry's projection of 1.5 to 2.5 percent for the year.
This followed the Bank of Thailand's economic monthly report released Friday that saw exports jump by 19.9 percent to 12.83 billion dollars in May as Thailand returned to a trade surplus from a deficit a month ealier. "Meanwhile, political concerns have eased with Thailand moving ahead with the referendum and the election later this year, even though the election date has yet to be confirmed," Apisak said.
Thailand's military-installed government plans to hold a referendum on its new constitution on August 19, which it says will pave the way for the first general elections since last year's coup. Thailand's top energy firm PTT jumped 8.00 baht to 278.00 baht, and its unit PTT Exploration and Production rose 2.00 to 110.00.
The kingdom's top lender Bangkok Bank gained 3.00 to 120.00, and the third largest lender Kasikorn Bank added 2.50 to 76.50. Thai Airways International edged up 0.75 to 44.00. The country's largest mobile phone operator Advanced Info Serice soared 2.50 to 87.50.
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