Thai share prices closed 2.95 percent higher on Monday, with investors relieved that anti-junta protests over the weekend remained peaceful, dealers said. They said the Thai bourse also received a boost from robust regional gains as several markets hit all-time highs.
The Stock Exchange of Thailand (SET) composite index jumped 21.95 points to 766.20, while the blue chip SET 50 index gained 17.17 points to 544.60. Gainers overwhelmed losers 344 to 43, with 78 stocks unchanged on turnover of 3.44 billion shares worth 23.15 billion baht (669.7 million dollars).
The Thai baht rose against the dollar on strong inflows, closing at 34.57-65 to the unit from Friday's 34.65-66. Against the euro, the Thai currency finished at 46.30-45 from 46.10-15. Analysts said the Thai market followed regional gains as bourses in Singapore, Indonesia, and Hong Kong closed at all-time highs.
Regional stocks jumped on easing concerns over possible interest rate hikes in the United States and Japan, said Pichai Lertsupongkit, senior vice president of Thanachart Securities. "Recently released US economic figures were in line with expectations, helping to ease concerns that the US Federal Reserve will hike the rate," Pichai said.
"As well, investors were relieved after the anti-junta rallies did not result in any violence over the weekend," he added. Deposed premier Thaksin Shinawatra, who was ousted by the military in September 2006, talked to his supporters at a daily anti-coup rally in central Bangkok on Friday.
Rally organisers have continued the protest, demanding the resignation of the country's junta and early elections. The opposition movement has spooked the military, which has held almost daily meetings to discuss how to handle the situation.
Thailand's top energy firm PTT soared 10.00 baht to 270.00 and its unit PTT Exploration and Production gained 5.00 to 110.00. The kingdom's top lender Bangkok Bank added 3.00 to 117.00 and the third largest lender Kasikorn Bank also rose 1.50 to 70.00. Thai Airways International was up 1.50 to 44.00. Thailand's largest mobile phone operator, Advanced Info Service (AIS), jumped 5.00 to 88.00.
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